Bank of Canada Announces Phase 3 of ‘Project Jasper’ DLT Trial

Canada
18 October 2017

Canada’s central bank is embarking on the next phase of its ongoing “Project Jasper” distributed ledger research initiative.

In addition to the Bank of Canada, Payments Canada – which operates the primary payment channels within the country – and exchange operator TMX are also taking part. An as-yet-undecided “vendor” will contribute, and the selection process is already under way, according to statements.

Project Jasper has been framed by Bank of Canada as a way to explore various uses of distributed ledger tech, and to date has focused primary on settling payments. The new phase will focus on the creation of an “integrated securities and payment platform.” The proof-of-concept will focus on both the clearing and settlement of securities transactions.

Carolyn Wilkins, senior deputy governor of the Canadian central bank, said of the new phase:

“Our involvement in this effort to explore potential ways to modernize the securities settlement process is a good example of how the Bank of Canada promotes the efficiency and stability of the financial system. A better settlement process would not only reduce the cost of securities transactions, but also support financial system resiliency, especially in periods of stress, through faster settlement times and reduced settlement risk.”

It was in June 2016 that officials at the central bank debuted the so-called “CAD-coin,” and late last month, those involved with the initiative released a white paper detailing the work done thus far.

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