Canada's experiment with creating its own digital currency appears to be over.

The Royal Canadian Mint said Friday it's halting development of its fledgling MintChip digital currency program and is now looking to sell the business.

The Mint had announced plans to develop MintChip back in April 2012 for use in small online payments. At the time, it described MintChip as the "evolution of physical money, with the added benefits of being electronic."

Mint spokeswoman Christine Aquino said plans regarding the virtual currency "matured" and that the Mint considers turning development over to the private sector one of MintChip's "natural next steps."

"The Mint is currently working with the [Canadian] Department of Finance to explore divestiture options," Ms. Aquino said in an emailed statement. "The Mint is also in the process of completing development of MintChip to package the assets for divestiture."