The Bank of Japan (BOJ) has commenced its pilot project for the digital yen after completing successful proof-of-concept (PoC) experiments. The second phase of the PoC, which ran from April 2022 to March 2023, focused on testing additional functionalities beyond the basic ledger functions examined in the initial year-long experiment. The BOJ report outlined the testing of technology to establish upper limits on CBDC holdings, ensuring financial system stability in case of a sudden shift from bank accounts to the digital yen. User convenience in initiating and scheduling payments was also assessed. Backend experiments involved database language, ledger design, and a flexible-value token model. An orchestration system was implemented to expedite multiple transactions within the same account. The PoCs achieved their intended outcomes, leading the BOJ to move forward with the scheduled CBDC pilot project. The pilot will explore the end-to-end process flow and integration with external systems. To gather insights from private businesses, a CBDC Forum will be established. The BOJ aims to make a final decision on CBDC issuance by 2026, with public discussions playing a key role in the determination.
US district judge refers FTX independent examiner issue to appellate court
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