Bank of Japan (BOJ) released a report in which it said that after the successful completion of the second phase of the digital yen pilot project, the authorities decided to continue the program.
The second phase of testing of the state cryptocurrency took place between April 2022 and March 2023.
The report indicates that this phase was dedicated to exploring technologies that set maximum limits on digital yen ownership.
Also during testing, experts discussed how abrupt the transition from conventional banking to digital yen would be.
At this point, we considered scenarios where an individual user has multiple accounts through intermediaries.
In this experiment, we used a model with 100,000 hypothetical users and five intermediaries to test a load of 500 to 3,000 transactions per second.
Privacy and fraud prevention were also discussed.
Earlier, Bank of Japan Governor Haruhiko Kuroda said the central bank’s digital currency should work in conjunction with other payment mechanisms to improve the country’s financial ecosystem.
In March it became known that Tokyo Kiraboshi Financial Group, Minna Bank and Shikoku Bank will participate in testing Stablecoin on Japan Open Chain blockchain.
The first phase of testing consists of coin issuance and transactions within banks. The next stage should be the introduction of stabelcoins, which will meet all the requirements of the law.