- Central Bank conducted a 12-month test
- And it was successful
- The country is now preparing for a pilot project
Bank of Japan (BOJ) shared the results of the second phase of the CBDC concept test.. It lasted a year, from April 2022 to March 2023.
At that point, the central bank studied the tools needed to implement the digital yen. So, they tried to put restrictions on the amount of CBDC.
This limit can be set to limit the maximum amount of digital money in the user’s account. It will “reduce risks in the event of a sudden transition from bank accounts to CBDCs.”
BOJ tested the introduction of limits in cases where one user owns multiple accounts or uses multiple intermediaries.
The experts experimented with database language and registry design on the technical side. And also tested a model of tokens with a flexible cost.
Developers implemented an orchestration system that will allow faster processing of multiple transactions with the same account.
The experiment was designed for 100,000 users with 5 intermediaries. And loads were between 500 and 3,000 transactions per second.
As for the release of the digital yen, the central bank is not prepared to make such predictions:
“The decision to release CBDC should be decided through discussion in the Japanese public.”
BOJ will continue tests and launch a new pilot project. There they will check end-to-end transfers and interaction with different payment systems.