Focus Area:
Enabling Cross-Border High Value Transfer Using Distributed Ledger Technologies
Overview:
In collaboration with Payments Canada, the Bank of Canada joined forces with the Monetary Authority of Singapore and the Bank of England to develop a cross-border, cross-currency settlement system. This partnership merges the efforts of Project Jasper and Singapore’s Project Ubin, with the aim of utilizing distributed ledger technology (DLT) to enhance the speed and cost-effectiveness of cross-border payments.
The team successfully demonstrated a cross-border, cross-currency, cross platform atomic transaction without the need for a third party that is trusted by both jurisdictions.
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