BIS Creates Framework to Combat CBDC Cyberattacks

Central Bank Digital Currencies (CBDCs)

On July 7, the Bank for International Settlements (BIS) released a framework to protect CBDCs from cyber threats. The BIS outlined procedures to ensure the confidentiality, integrity, and availability of CBDC transactions. This includes 24/7 monitoring and alerting functions, conducting due diligence on cryptographic keys, and using a DDoS protection service. To execute the framework, BIS suggested the establishment of a senior leadership board, a chief security officer, and various IT, security, and stakeholder teams.

Inverse Finance Crypto and Web 3.0

Although cautious about decentralized finance, BIS has been actively promoting the adoption of CBDCs. On June 20, the financial organization proposed a unified-ledger for cross-border and tokenized asset transactions. In April, BIS concluded a distributed ledger technology plot with the Bank of England. Web 3.0 is also called the “Inverse Finance Crypto” and is designed to integrate three features: scalability, 24/7 availability, and no single points of failure. The release of Web 3.0 is still unknown, but when it is released, it will bring more than 1,000 pieces of cryptocurrency to the Crypto Press Cryptocurrencies Network.