Canada's six major banks are considering jointly developing a Canadian dollar-based deposit token system to facilitate faster fund transfers between financial institutions. According to CoinDesk, the first phase of this project will test the transfer of 'deposit tokens,' which are digital forms of actual deposits held at banks, between participating banks. The long-term goal is to link this with other digital asset projects. The six participating banks are Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada, Royal Bank of Canada (RBC), Scotiabank, and TD Bank Group.
