On 29 May 2023, the Bank of Japan published the Results and Findings from “Proof of Concept Phase 2” for a Central Bank Digital Currency (CBDC). Phase Two, conducted from April 2022 to March 2023, focused on evaluating additional functions and technical aspects of a CBDC. The Bank of Japan tested a shared token-based ledger design alongside the existing designs and assessed the impact of new features and technologies. Phase Two confirmed the technical feasibility of the CBDC's basic functions, paving the way for the Bank of Japan to proceed with its pilot program.
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