The Bank of Canada works with academics and the private sector to build and experiment with test cases and proofs of concepts. These projects help us better understand new financial technologies.

Here are some of the Bank’s flagship projects:

  • Project Jasper is a collaborative research initiative between the public and private sectors to understand how distributed ledger technology (DLT) could transform the wholesale payments system. In phases 1 and 2 the project focused on exploring the clearing and settlement of high-value interbank payments using DLT. Phase 3 explored the potential benefits from integrating this “cash on ledger” with other assets such as foreign exchange and securities.
  • The Bank has partnered with Payments Canada and the TMX Group to investigate a DLT solution for a securities settlement system using central bank money.
  • The Bank and Payments Canada have also partnered with the Monetary Authority of Singapore and the Bank of England to work on a cross-border, cross-currency settlement system. This collaboration combines Projects Jasper and Singapore’s Project Ubin, with a view to using DLT to make cross-border payments faster and at lower cost.
  • The Bank is a partner of the MIT Media Lab in their Digital Fiat Currency project, as well as a founding member of the Blockchain Research Institute.