The Bank of Japan (BOJ) has announced results of the second phase of its proof-of-concept (PoC) experiment. This phase of the CBDC experiment, running from April 2022 to March 2023, took into account supplementary functions to the basic ledger functions that had been tested in the first phase.
Its purpose was to test technology for implementing upper limits on CBDC holdings, which the BOJ described as “safeguards ensuring the stability of the financial system” in case there is a sudden shift in the monetary system from bank accounts to the CBDC.