The proof of concept has been completed, so the Bank of Japan has now started its pilot program. A CBDC forum will be created to obtain information from private companies.
he Bank of Japan Released Results of Phase II Proof of Concept (POC) Trial digital currency Central Bank, which will be digital yen.
According to the Bank of Japan report, In the second phase, it tested the technology to implement upper limits on CBDC holdingswhich he described as “guarantees ensuring the stability of the financial system” in the event of a sudden change of bank accounts to CBDCs.
This 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 500 loads and 3,000 transactions per second to determine scalability.
The report confirmed that the Bank of Japan had moved on to its scheduled CBD pilot project. At this point the “end-to-end process flow” and other connections to external systems will be checked. The report stressed that “the promulgation of the Central Bank of Commerce Act should be taken through discussions among the Japanese public.”
on, It was learned that a commercial CBDC forum would be established to obtain information from private companies. The Bank of Japan has stated that it will make a final decision on the CDC issuance by 2026.
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