Missing Key: The Challenge of Cybersecurity and Central Bank Digital Currency

This report examines the novel cybersecurity implications that could emerge if the United States or another country issues a Central Bank Digital Currency (CBDC). Central banks consider cybersecurity a major challenge to address before issuing a CBDC. The United States Federal Reserve (Fed) sees securing both the dollar and the international financial system as a core national security imperative. According to Atlantic Council research, currently 105 countries have been researching and exploring the possible issuance of CBDCs, with fifteen in pilot stage and ten fully launched. Of the Group of Twenty (G20) economies, nineteen are exploring a CBDC with the majority already in pilot or development. This raises immediate questions about cybersecurity and privacy. A government-issued digital currency system could, but does not necessarily need to, collect, centralize, and store massive amounts of individuals’ sensitive data, creating significant privacy concerns. It could also become a prime target for those seeking to destabilize a country’s financial system. …

Quelle / Link: Missing Key: The Challenge of Cybersecurity and Central Bank Digital Currency

Dieser Beitrag wurde unter Central Bank Digital Currencies, Cybersecurity veröffentlicht. Setze ein Lesezeichen auf den Permalink.