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Bank of Canada evaluating bitcoin

News Updates 17 June 2016_html_25878c2dThe Bank of Canada is evaluating bitcoin technology and is conducting tests to understand how it could use the nascent system known as blockchain. The central bank confirmed the experiment dealing in interbank payments in a statement. It stressed, however, that it has no plans to issue a digitized Canadian dollar or conduct tests dealing with public money. The central bank, in conjunction with New York-based startup R3 CEV, said it has taken part in a ‘proof of concept’ experiment using blockchain technology. Others involved in the project included Payments Canada, which owns and operates the country’s payment-clearing and settlement infrastructure, and Canadian commercial banks. Several central banks have been exploring blockchain technology, in particular the Bank of England.

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