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Large banks are studying the transfer of tokenized deposits. (Photo: The Canadian Press / Nathan Denette) Toronto - Major Canadian banks are studying the possibility of developing digital currency solutions based on the Canadian dollar, starting with an initiative focused on tokenized deposits. Tokenized deposits are traditional bank deposits recorded on a decentralized database or distributed ledger, such as a blockchain. These tokens would be issued by commercial banks and, from a legal perspective, depositors could consider them as traditional bank deposits. The Bank of Montreal, CIBC, the National Bank of Canada, the Royal Bank of Canada (RBC), Scotiabank and TD Bank are taking a collaborative approach to this project. They say the first phase aims to enable the transfer of tokenized deposits between Canadian financial institutions. This project aims to offer Canadian customers faster, more efficient and programmable payments, while preserving security, stability and effective regulatory oversight.

TD Bank closure worries some Cherryhill seniors who rely on nearby branch. End of building lease and analysis of client demand led to closure, TD says. Kendra Seguin · CBC News · Posted: Sep 22, 2026 9:17 AM PDT | Last Updated: 2 hours ago Estimated 4 minutes Some seniors in London's Cherryhill neighbourhood say they're worried about how they'll access their banking after a nearby TD branch closes its doors in November. TD Bank's Platt's Lane Branch at 215 Oxford St. W. will close Nov. 6. Customers are being redirected to the bank's Oakridge branch at 1213 Oxford Street West, about a 10-minute drive west. For seniors who walk to the Platt's Lane branch, however, the trip to Oakridge can be much more complicated. "Where they're going is too far, " said Cherryhill resident Maria-Teresa Vicencio. "You can't get there with your walker. You have to take a bus or drive. How many people can drive in the winter?" Cherryhill Village is home to 12 residential buildings, and Vicencio says many of the residents are seniors who rely on being able to walk to nearby businesses and services. She said she believes TD did not fully consider the needs of older customers when it made the decision to close the branch. "I know most young people do banking online, but this is not an area of very young people," she said. In an emailed statement to CBC News, TD spokesperson Natasha Ferrari said the decision to close the Platt's Lane location was made as the building's lease came to an end and the company reviewed client demand. "Following a detailed review of client activity patterns, number of transactions and accessibility, we determined that Oakridge is well positioned to serve our clients' needs," Ferrari said. She said the Oakridge branch offers the same services and hours of operation as Platt's Lane, with enhanced staffing levels. 'That's a whole day of activity' Vicencio said her concern is not about the quality of service, but how she will get to the new branch. "Transit is fine, but then you have to be there on a schedule. You do your banking, then you have to wait for the transport to bring you back. That's a whole day of activity. Here, people can come do their banking and go home." Vicencio has been a TD customer at the Platt's Lane branch for 22 years, ever since she moved to the Cherryhill neighbourhood from Vancouver. She walks from her residence to the bank every two weeks. She keeps a safety deposit box there and prefers to do all of her banking in-person. "If you have questions, a person can answer to you," Vicencio said. "I think the problem is that they assume everybody uses a computer. Most seniors cannot." Vicencio said she doesn't yet have a plan for how she'll get to her new branch, adding that she prefers not to drive at this point in her life and that transit is not convenient. "If it's too difficult, maybe I'll have to stop going to the bank." Not all seniors drive. Betty Noble said she's been a TD customer since the 1970s, and has been at the Platt's Lane branch for about 14 years. It takes her less than 10 minutes to walk to the bank, and she often builds it into her day's routine. "I was very taken back that they were proposing to move or close down," said Noble, who lives in the Cherryhill area. Noble said she does most of her banking online, but visits the brick-and-mortar building monthly to pick up cash. She said she plans to drive to Oakridge, but said it is not ideal. "It's the stress of driving. The traffic is so heavy and there's a lot of construction in London to go anywhere," she said. "For an older person, I don't think that's healthy." She said she's more worried about her future. "If it came to the point where I couldn't drive anymore, then I don't know how I'm going to do my banking at TD" she said. Other seniors told CBC News they're unsure how they will get to the new branch. Some are considering switching to Scotiabank, which is located inside Cherryhill Mall. Vicencio said that option doesn't make sense for her. "It's so complicated to change banks. You have all your accounts and a payment schedule. It's big work to do that," she said. Both Noble and Vicencio said they hope TD at least puts a bank machine inside Cherryhill Village mall so they can continue to withdraw cash close to home. Reporter/Editor Kendra Seguin is a reporter/editor with CBC London. She is interested in writing about music, culture and communities. You can probably find her at a local show or you can email her at [email protected]. Comments are typically open between 6 a.m. and 11:30 p.m. ET. Comments may be unavailable based on different considerations, including moderation capacity, the type of moderation needed, and legal concerns. To encourage thoughtful and respectful conversations, full names will appear with each submission to CBC's online communities. CBC does not endorse the opinions expressed in comments. Become a CBC account holder. Already have an account?

Big banks exploring Canadian dollar-based digital money with tokenized deposits. Daniel Johnson TORONTO - Canada's big banks are exploring the development of Canadian dollar-based digital money, starting with a tokenized deposits initiative. Tokenized deposits are traditional bank deposits recorded on a decentralized database or distributed ledger, such as a blockchain. The plan seeks to deliver faster, more efficient and programmable payments to Canadian customers while preserving safety, stability and effective regulatory oversight. It means Canadian dollars could be converted into tokens on blockchain for easier transfers, said Claire Célérier, Canada Research Chair in household finance at the University of Toronto's Rotman School of Management. "My understanding is that the six banks will share the same blockchain, and so it implies that transactions can be made instantaneously across wallets with tokens," she said. Bank of Montreal, CIBC, National Bank, Royal Bank, Scotiabank and TD Bank are taking a collaborative approach to the project. The tokens would be issued by commercial banks and from a legal perspective, depositors can treat them the same as traditional bank deposits. The banks say the first phase aims to move tokenized deposits between Canadian financial institutions. "It's really exploratory now. I think what they're saying is that they're willing to work together to develop the technology," Célérier said. She said the potential capabilities would be of particular benefit to large companies or institutional investors, allowing them to complete "more sophisticated transactions." "What I expect is that these tokenized dollars will be mostly used by large companies and so on who have accounts across these Canadian banks, and it will be used to move large amounts of money," she said. Cristian Bravo, professor and Canada Research Chair in banking and insurance analytics at Western University, said the potential change could allow large producers to settle accounts far faster than their typical 30-day window. "If you have an instant settlement, you're closing that gap and closing that inefficiency in the market. And the fact that you have the money when you fulfil the contract, that can help reduce dependency on working capital and mobilize that capital faster," he said. But Bravo said that due to the lack of historical examples, it is not clear how much of an effect the move could have on the bottom lines of companies or institutional investors that use it. Bravo said it is also notable that digital money is not the same as cryptocurrency, but rather a "digital ledger to move deposits in a very quick, instant way."