The Bank of Canada and the Financial Authority of Singapore have exchanged digital currency in a first - of - its - kind direct cross - currency purchase between central banks on a blockchain platform . The two institutions connected their independent payment ledger networks with the support of Accenture and JPMorgan . Hashed time - locked contracts were used for a payment vs payment settlement , which only allows one transaction to take place if the other goes through . The trial represents a leap forward in cross - border digital currency payments , whose overhaul many banks see as a focus for more efficient business interactions across multiple regulatory markets .
The Bank of Canada and the Monetary Authority of Singapore have exchanged digital currency in a first-of-its-kind direct cross-currency purchase between central banks on a blockchain platform. The two institutions connected their independent distributed ledger networks with the support of Accenture and JPMorgan. Hashed time-locked contracts were used for a payment vs payment settlement, which only allows one transaction to take place if the other goes through. The trial represents a step forward in cross-border digital currency payments, whose overhaul many banks see as a focus for more efficient business interactions across multiple regulatory markets.