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World Economic Forum issues stark warning on strengthening quantum security for CBDCs
The World Economic Forum (WEF) has issued a stark warning about the vulnerability of central bank digital currencies (CBDCs), urging the implementation of quantum-resistant strategies to protect these digital currencies from emerging cyber threats.
Quantum computing poses a significant risk to current encryption technologies, according to a new report from the WEF, developed in collaboration with experts from Accenture.
The report highlights that more than 98% of central banks worldwide are exploring CBDCs to improve cross-border payments, and urges that the risks of quantum computing be taken into account when developing these systems.
The Quantum Threat
Quantum computers are revolutionary in solving complex problems, but they could also undermine the encryption mechanisms that protect financial data, making CBDC systems extremely vulnerable to cyberattacks. This is particularly worrying because CBDCs are intended to improve cross-border payments and enhance financial inclusion.
Quantum computing poses a significant risk to current encryption technologies, according to a new report from the WEF, developed in collaboration with experts from Accenture.
The report highlights that more than 98% of central banks worldwide are exploring CBDCs to improve cross-border payments, and urges that the risks of quantum computing be taken into account when developing these systems.
The Quantum Threat
Quantum computers are revolutionary in solving complex problems, but they could also undermine the encryption mechanisms that protect financial data, making CBDC systems extremely vulnerable to cyberattacks. This is particularly worrying because CBDCs are intended to improve cross-border payments and enhance financial inclusion.
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