BIS will develop a system to protect CBDC from cyber threats

BIS will develop a system to protect CBDC from cyber threats

The Bank for International Settlements (BIS) said that over the past few years, the number of states developing national digital currencies (CBDC) has increased in the world.

Moreover, BIS analysts are confident that the number of central banks ready to launch tokens will grow in the coming years, as they expect to modernize the payment infrastructure with the help of an innovative tool.

The International Monetary Fund also believes that the Central Bank will not abandon the implementation of CBDC projects. Therefore, the IMF plans to create a global platform for operations with tokens. 10 out of 14 central banks creating CBDCs are ready to take part in the deployment of such a platform.

A BIS report published last week says that a system needs to be developed to prevent smart contracts from being hacked.

The software must ensure not only the safety of users, but also the confidentiality of transactions.

To create such a system, BIS plans to involve both representatives of central banks and the expert community, including companies specializing in combating cyber threats.