Your Money Is Going Digital - And Soon It May Come With Conditions

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Title : Your Money Is Going Digital - And Soon It May Come With Conditions
Link : Your Money Is Going Digital - And Soon It May Come With Conditions

Something significant is happening to money in Canada, but Americans shouldn't make the mistake of thinking this is merely a Canadian experiment.

Six of Canada's largest banks — BMO, CIBC, National Bank, RBC, Scotiabank and TD — have announced that they are jointly exploring a Canadian-dollar tokenized deposit system. The banks say the project is intended to provide customers with faster and more efficient payments.

But there is another word in the announcement that deserves attention.

"Programmable."

The banks specifically say their project seeks to deliver "faster, more efficient and programmable payments" to Canadian customers. The first phase would allow tokenized deposits to move efficiently between Canadian financial institutions, while the longer-term goal includes connecting the system with other emerging digital-asset initiatives.

For most consumers, this will probably sound like another technological upgrade. Faster transfers. Instant settlement. Fewer delays. Payments operating around the clock.

And there are legitimate advantages to all of those things.

But programmable money introduces a capability that traditional money has never possessed on this scale: money can potentially interact with rules governing how and when a transaction takes place. (Read More)