So the Bank of Canada recently released some interim results from Project Jasper.
Here is a set of slides explaining the experiment and here is an opinion piece written by Carolyn Wilkins who is a Senior Deputy Governor at the Bank.
Basically at this time the system does not meet all the Principles for Financial Market Infrastructures (PFMIs).
In case you are wondering what 'T1 Cash' means. Canada has something called the Large Value Transfer System (LVTS) - so it is a wholesale system. It has two payment streams Tranche 1 (T1) and Tranche 2 (T2). In the T1 system banks pledge collateral with the Bank of Canada. So I (being a bank) can send a T1 payment if my net owing position is less than or equal to the collateral I have pledged. So T1 payments are fully collateralized - I don't have access to any line of credit.
So step 1 (in the 6 steps) - Banks pledge T1 cash.
Step 2 - BOC converts cash to CAD-Coin - and this is used to fund participant accounts with the BOC.
So CAD-Coin is a settlement asset - for settlement between banks. It is 'money' for them, not for us.
Central bank money is being exchanged on par - 1 CDN $ (cash) = 1 CAD-Coin - so the Money supply is constant.