BIS unveils 7-step security framework for blockchain-based CBDCs

2023-7-9 23:00

The Bank for International Settlements (BIS) introduced a security framework on July 7 to help central banks develop secure digital currencies.

BIS noted that central bank digital currencies (CBDCs) will become “critical national infrastructure” in the future. And cyber attacks against critical infrastructure are among the top five risks with the most significant potential impact.

According to BIS, a CBDC system breach could “erode confidence and trust” in the CBDC, the central bank, and the financial system. Additionally, the CBDC hack could have a reputational, operational, and potentially legal impact, BIS noted.

Addressing gaps

Recently, BIS analyzed blockchain attacks in the decentralized finance (DeFi) space. The analysis revealed that there are “gaps in existing threat modeling techniques,” which means that CBDCs, especially those using digital ledger technology (DLT), may not be sufficiently protected against the tactics employed by attackers in the DeFi space.

BIS’ new 7-step framework called Polaris addresses these gaps to help central banks avoid the risks associated with a CBDC breach.

It is worth noting that many central banks and governments have shied away from using DLT technology in their CBDC, potentially because of the associated risks. For instance, designers of the digital pound “Britcoin” have said that the CBDC may not be based on a blockchain. China’s digital yuan also does not employ DLT.

The seven steps of the Polaris framework are: Prepare, Identify, Protect, Detect, Respond, Recover, and Adapt. Beju Shah, Head of Nordic Centre BIS Innovation Hub, noted: 

“Cybsesecurity and resilience are essential to underpinning trust in CBDC systems so they work for everyone in society whenever and wherever. This framework can help guide central banks in their CBDC initiatives.”

BIS said that central banks could use the Polaris framework to recognize the emerging cyber threat landscape around CBDCs. The framework will guide central banks in adopting new technologies to support and secure their CBDC.

Additionally, the framework will help monetary authorities understand their capabilities that can be leveraged for the CBDC system while identifying areas where capabilities need to mature. Lastly, the framework will help central banks identify new capabilities to implement to operate a secure CBDC.

BIS said the framework is a baseline that will be periodically updated to keep it relevant against emerging risks and threats to CBDC systems.

The post BIS unveils 7-step security framework for blockchain-based CBDCs appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bismuth (BIS) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0208013
Капитализация $0 Rank 99999
Цена в час новости $ 0.1355 (-100%)

bis cbdcs bank digital currencies central security

Источник: cryptoslate.com

bis cbdcs → Результатов: 52


BIS Sets Up To Explore CBDC With The Central Banks Of Sweden, Israel And Norway

One of the most notable features of cryptocurrency is its ability to enable instant cross-border payments, which has attracted a widening number of territories so far. Around 105 countries have tapped the technology, with some currently in the final stages of launching their Central Bank Digital Currency (CBDCs), like China. Others, like Sweden and Israel, […]

2022-9-30 03:31


Significant Stablecoin Adoption Could Result in “Excessive Market Power,” says BIS Report on CBDC

Central bank money ensures public trust in money and supports public welfare, said the global body policymaker in its latest report on central bank digital currencies (CBDCs). With new forms of digital money issued by the private sector, such as stablecoins emerging, which has accelerated since the Covid-19 pandemic began, central banks are also ensuring […] The post Significant Stablecoin Adoption Could Result in “Excessive Market Power,” says BIS Report on CBDC first appeared on BitcoinExchangeGuide.

2021-10-1 18:12


CBDCs to coexist with cash payments, according to FED Chairman Powell

The Committee on Payments and Market Infrastructures conference was held in Basel, Switzerland. One of the main guests was the Chairman of the U.S. Federal Reserve, Jerome Powell. Referring to a report created by the institution he chairs and other banking institutions, Powell said: A recent report from the Bank for International Settlements (BIS) and […]

2021-3-19 22:00


Фото:

BIS Says CBDCs Likely Better than Private Stablecoins Like Libra

The Bank for International Settlements is the latest major financial organization looking to implement industry-standard regulations in the stablecoins arena. Meanwhile, several nations are also working towards creating their own central bank digital currencies (CBDCs) which are seen by some commentators as being driven by private stablecoin projects like Facebook’s Libra.

2020-11-26 02:01


Seven Major Central Banks Collaborate to Release First CBDC Report, Highlighting Key Principles

The Bank of International Settlements (BIS), along with seven other prominent central banks, has published a report on the feasibility of issuing CBDCs to complement monetary policy. According to the 26-page document, CBDC’s should be based on foundational principles and core features that will enable the prospectus digital currencies to function effectively.

2020-10-9 20:52


Over 20% Of Central Banks Are Looking to Launch A CBDC In The Next 1-6 Years: BIS Report

In research published over the weekend, the Swiss-based BIS reports the growing attention by global central banks on research and development of central bank digital currencies (CBDCs) in 2020. The paper states the motivations, technical developments and policy approaches towards the launch of CBDCs vary across the central banks with the more innovative countries taking […]

2020-8-26 18:25


BIS Latest Report Discusses How Payment Are Evolving With Tokenization and CBDC’s

Bank of International Settlements (BIS) researchers focusing on the payments’ future, reveals their latest quarterly report released on Sunday. The paper has 138 pages and looks at what’s on the horizon in the financial sector, especially since tokenization, central bank digital currencies (CBDCs) and cross-border payments are starting to be more and more in trend. […]

2020-3-3 01:48


Bank of International Settlements General Manager Now Says CBDCs Could Open New Opportunity

Agustin Carstens, the General Manager of Bank of International Settlement (BIS) who earlier believed Central Bank issued Digital currencies (CBDCs) were no good, has changed his stance. In his recent speech titled “The future of money and the payment system: what role for central banks?” Carstens seemed to emphasize that CBDC's could open the gates […]

2019-12-8 23:25


New BIS Innovation Hub Center Will Study Central Bank Digital Currencies (CBDCs) Integration

Central Bank Digital Currencies (CBDCs) are an important subject in Switzerland right now. The Swiss National Bank (SNB) has recently started a partnership with the Bank for International Settlements (BIS) to begin a study on CBDCs, which will be conducted at the BIS Innovation Hub Center, which is based in Switzerland. According to the latest […]

2019-10-9 01:13


Фото:

BIS Survey: 70 Percent of Surveyed Banks Are Fidgeting with the Idea of Central Bank Digital Currencies  

A recent survey by the Bank for International Settlements (BIS) found the majority of the world’s central banks are not too keen on issuing digital currencies at least for the next three years but 70 percent of them accepted that they are exploring with the idea of CBDCs in some capacity, reports SCMP, on January 8, 2019.

2019-1-10 18:00


New Bank For International Settlements (BIS) Report: 70% Of Central Banks Are Studying Cryptocurrencies

Report Shows 70% Of Central Banks Is Performing Research Regarding CBDCs According to a recent report published on January 8 by the Bank for International Settlements (BIS) seventy percent of central banks around the world are analyzing the introduction of Central Bank Digital Currencies (CBDC). However, it seems that just a few of these monetary […]

2019-1-8 21:14


дальше еще 3 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Iran to pilot CDBC in Kish Island starting July

The Central Bank of Iran (CBI) will begin a trial of its central bank digital currency (CBDC), the digital rial, in Kish Island starting in July. The central bank said on June 19 that banking network customers and tourists can use the digital rial wallet to make purchases and transfers between wallets via barcode without […] The post Iran to pilot CDBC in Kish Island starting July appeared first on CryptoSlate.

Qatar Central Bank launches first phase of CBDC project

The Qatar Central Bank (QCB) has announced the completion of the infrastructure development for its Central Bank Digital Currency (CBDC) project, marking a significant milestone in its efforts to embrace digital financial transformations.