The proofs of concept were finished, so now the Bank of Japan started its pilot program. A CBDC forum will be created to obtain information from private companies.
He bank of japan released the results of the second phase of its proof-of-concept (POC) experiment digital currency of the central bank, which will be the digital yen.
According to the BOJ report, in the second phase it tested the technology to implement upper limits on CBDC holdingswhich he described as “safeguards that guarantee the stability of the financial system” in the event of a sudden change of bank accounts to CBDCs.
That included cases where a single user had multiple accounts with multiple brokers. User convenience in initiating and scheduling payments was also examined.
It reportedly had 100,000 users with five brokers and tested loads of 500 and 3,000 transactions per second to determine scalability.
The report confirmed that the BOJ had moved on to its scheduled CBDC pilot project. At this stage the “end-to-end process flow” and other connections to external systems will be examined. “The issuance of a CBDC should be decided through discussions among the Japanese public,” the report confided.
About, it was learned that a CBDC forum will be created to obtain information from private companies. The BOJ stated that it will make a final decision on issuing a CDC by 2026.
Source: Ambito
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