Before retail CBDCs can be widely accepted for everyone everywhere in the region a cross-chain interoperability mechanism is necessary to help connect networks with existing financial payment systems and Real Time Payments network.
A CBDC system may need to be interoperable or substitutable with other systems to be able to serve as an additional payment method and provide further resilience to the payment system.
The BOJ chose eCurrency Mint from 43 vendors and began an eight month pilot of the currency that ended on December 31, 2021.
Blockchain technology is based on distributed and secure protocols that allow data blocks to be generated, added and validated by the network and provide security guarantees.
