Last week the Bank of Japan (BoJ) published an interim report on its central bank digital currency (CBDC) work. It revealed that it launched a CBDC API Sandbox this month, giving a nod to the Bank of England’s Project Rosalind. The central bank ran two previous proofs of concept (PoCs) for the digital yen, the latest ending a year ago.
In contrast to the PoCs the latest work extends beyond the CBDC platform, involving end-to-end experiments including with intermediaries. Apart from APIs it’s exploring interoperability with external systems more generally and additional functionality.
A key feature of the latest activity is extensive industry engagement with five working groups. So far quite a bit of work is desk-based research, but the Bank of Japan plans to experiment based on the results.
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