“Various financial institutions around the world are working on grasping blockchain technology and what it can do. The Bank of Canada is working on issuing their own digital currency. Unlike Bitcoin and other types of cryptocurrency, CAD-Coin will be centralized and controlled. This project is a collaboration between Canadian banks and the R3 blockchain consortium.
CAD-Coin May one day serve as the digital equivalent of the Canadian Dollar, thus not replacing the fiat currency. However, it remains to be seen if both currencies will complement one another. Central banks can issue an unlimited supply of money, though, either in digital or physical form.
This project has gained support from five of Canada’s biggest banks. Among these participants are the Bank of Canada, Royal Bank of Canada, and the Canadian Payments Association. All of these institutions have been working together with the R3 consortium to explore boundaries of blockchain technology.”