The Central Bank of Canada, together with TMX Group and the non-profit organization Payments Canada have completed the Blockchain test of technology to conduct a quick settlement of securities. Such a message was published in Reuters on May 11.
The project participants came to the conclusion that the technology, originally created to support cryptocurrency, can be effectively integrated into the system of selling securities in real time. It is worth noting that not only securities but also cash can be integrated into the system. In an interview with Reuters, Payments Canada president Gerry Gaetz said that: “This shows that it is possible to deliver payments in a way that has never been done before – by directly swapping cash from buyers to sellers, resulting in instant settlements.”
The pilot project, known as Project Jasper, was announced back in 2016, the last stage of the project development was launched at the end of last year. Despite the high results, Scott Hendry, CEO of Bank of Canada, was skeptical that the system could actually cut waste on payments. During the conference, which was held in Toronto on May 10, Hendry, noted that: “We’re still uncertain after doing this work that there are significant savings possible for participants. It’s not clear that all the participant dealers and banks are going to get a significant benefit out of this settlement system.”
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