Bank for international settlements forming framework to protect central bank digital currency (CBDC) from cyberattack
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Defi is surrounded with increasing cyberattacks now-a-days. So, formation of new frameworks is very demanding to protect the CBDC. BIS the matter into consideration with great importance has released a new framework. BIS also said security breach in the smart contracts has brought us in a big amount of asset loss in DeFi. Also, these threats will continue to increase in coming days. Formation of new frame will help in solving the crisis.
What is the Importance of New Framework?
Security is the main concern in every sector. If system is not secured then it is bound to fail or cut loss. So, the importance is very high. According to BIS new frameworks will safeguard the privacy, solidarity and accessibility of CBDC transactions. With the number of increasing transactions per day CDBC will have the scale to measure the transactions without any breakdown whole day. Specific institutions may fall but the whole monitoring system will continue to run 24 hours.
Objectives of New Frameworks -
CDBC system is the main concern of the framework. There are many objectives but the main objectives are as follows
- Getting the system ready for smooth operation
- Recognize any security breach
- Safeguard the system
- Find out the threats in root
- Quick measure to encounter the threat
- Bringing the system out of danger
- Make necessary adjustments
How to manage the work?
The job is not that simple to carry out. BIS looked into the matter and formed a team consisting of experts in related field like board of directors, security in charge, new tech adoption, Security team, Stakeholders contribution etc. The board of directors will monitor the framework and strict compliance of the rules laid in the framework.
If the new rules can be implemented the CDBC Transactions system will be more secure in future. That is good for the community and the blockchain technology.
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Dear @selimreza1 ,
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You chose a very beautiful topic to discuss about, the protection of CBDC from cyberattack but your post quality is very low.
There is more to this topic that you didn't discuss.
You could have given detail explanation on the objective of the new frame work, but you didn't.
Please Improve the quality of your post 🙏
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