The Payment and Settlement Systems Department of the Bank of Japan (BOJ) conducted its “Proof of Concept (PoC) Phase 1” from April 2021 to March 2022, building an experimental environment using several design alternatives for a Central Bank Digital Currency (CBDC) ledger as the foundation of a CBDC system, to evaluate whether its basic functions could be processed appropriately. 1 In PoC Phase 2, conducted from April 2022 to March 2023, the BOJ evaluated additional functions regarding which it would be desirable to confirm technical issues as early as possible, by adding them to the basic functions of the CBDC ... (full story)