Bank of Canada maximizes interest in Financial Technology

According to Carolyn Wilkins (Deputy Governor of the Bank of Canada) The Bank is open to do more financial and technological experiments such as that currently being carried out in a payment system based on Blockchain.

Speaking at a conference on financial technology innovation, the Deputy Governor said that regulators are struggling with how to devise a policy that harnesses the benefits of innovation while at the same time protecting and managing potential risks to the financial system and consumers.

The central bank is currently working on the “Jasper Project,” a Blockchain experiment launched last year as a joint venture between the central bank, Payments Canada and R3, a consortium of the world’s largest financial institutions, including the world’s largest banks. Canada.

“Project Jasper is something new for the Bank of Canada and it is one of the most productive experiments that we’ve had. We’re certainly open to doing more of that,” Said Wilkins.

One point to start is to focus on the incentives that drive corporate decisions, where those risks must be managed through regulation and where the private sector can be left alone. Regulators should look at how to coordinate across Canada and globally, Wilkins added.

The Bank said in an article earlier this month that the experiment with Blockchain, which will run until this spring, showed how the technology would have to improve to overcome the Large-Scale Transference System currently used in Canada for electronic transfers of large amounts of money.

Sources: Econotimes

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.

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