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Following a year-long experiment with R3 and Payments Canada, the Bank of Canada says that distributed ledger technology is not ready to act as the backbone of a wholesale interbank payment system.
Despite the conclusions, Wilkins and Gaetz insist that the Jasper experiment has offered valuable insight into both DLT and the value of public-private sector collaboration, adding: "Our present view is that the biggest net benefits, if any, would likely lie in the interaction of a DLT-based wholesale payments system with broader financial market infrastructure." In the short term, though, the Canadian financial industry will be sticking to its current payments modernisation roadmap - including the adoption of the ISO20022 message standard and a new core clearing and settlement system - without distributed ledgers.
