The Bank of Canada (Bank of Canda; BoC) plans to use blockchain R3 Corda consortium in the framework of project Jasper. In creating a working concept of the blockchain system BoC also involved Accenture, TMX Group and Canada Payments. This is stated in the report on the third phase of the project, published on the website of the Bank of Canada on October 23. According to unconfirmed reports, initially the project was supposed to take part Ripple.
BoC uses this initiative to more deeply explore the possibilities of distributed registries, and in financial institutions. The Jasper Project involves research projects in the field of interbank transactions, tokenization, settlement payments, lending, clearing and many others. During the third phase, the Bank of Canada and partners moved to the experimental tests, which ended with a partial success. The parties were able to confirm the appropriateness and legality of the use of the blockchain in banking, however, the scale of the tests were insufficient to draw conclusions about the significant reduction of costs.
The legality of the operations of the distributed registry is the main parameter of the RoC. All test series showed that the decisions of the Jasper Project in line with the Principles for financial market infrastructures (PFMI) relating to the collateral, as well as the risks associated with credit, liquidity and settlement of payments. These standards provide transparency of key market infrastructures.
One of the authors of the report, managing Director Accenture John Velissarios (John Velissarios), said that the developed platform is designed to “clearing and settlement of securities and may play a huge role in promoting the integration of financial markets”.
Canada has pretty strict rules against the cryptocurrency industry. In March, Bank of Montreal has blocked all user transactions associated with cryptocurrencies, in June was followed by a tightening of oversight on the Federal level.