BIS to Develop a System to Protect CBDCs from Hackers
According to the Bank for International Settlements (BIS), the number of nations developing their own Central Bank Digital Currencies (CBDCs) has increased significantly over the past few years.
BIS analysts are certain that this number will grow further in the coming years, as modernizing their payment systems through innovation is a priority for many central banks.
The IMF is similarly drawn to the idea and seeks to create a global platform for CBDC operations.
10 out of 14 of these central banks taking part in the initiative are already ready to deploy the platform.
To ensure the safety of users, and to maintain transaction confidentiality, BIS also has plans to develop a system to protect smart contracts from being hacked.
To this end, BIS intends to involve both representatives from central banks and industry experts, including cyber security specialists.
