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Jose Deodoro, Mr. Michael Gorbanyov, Majid Malaika, and Tahsin Saadi Sedik
The era of quantum computing is about to begin, with profound implications for the global economy and the financial system. Rapid development of quantum computing brings both benefits and risks. Quantum computers can revolutionize industries and fields that require significant computing power, including modeling financial markets, designing new effective medicines and vaccines, and empowering artificial intelligence, as well as creating a new and secure way of communication (quantum Internet). But they would also crack many of the current encryption algorithms and threaten financial stability by compromising the security of mobile banking, e-commerce, fintech, digital currencies, and Internet information exchange. While the work on quantum-safe encryption is still in progress, financial institutions should take steps now to prepare for the cryptographic transition, by assessing future and retroactive risks from quantum computers, taking an inventory of their cryptographic algorithms (especially public keys), and building cryptographic agility to improve the overall cybersecurity resilience.
Jose Deodoro, Mr. Michael Gorbanyov, Majid Malaika, and Tahsin Saadi Sedik

Data Encryption Standard (DES), was elected as America’s official standard in 1977. After DES was broken in a public competition in 1997, it was replaced as standard by Triple-DES in 1999, and retired when NIST adopted Advanced Encryption Standard (AES) in the early 2000s. Until mid-1970s, all cryptographic methods used symmetric keys : the same key must be used to either decrypt or encrypt a message. Thus, to use cryptography, senders and receivers had to share keys in advance, a complicated matter of logistics. Whitfield Diffie, Martin Hellman, and Ralph

Jose Deodoro, Mr. Michael Gorbanyov, Majid Malaika, Tahsin Saadi Sedik, and Shanaka J. Peiris

internalized these novel risks yet. While waiting for quantum-safe encryption standards, financial system regulators can play an important role by raising awareness of potential risks. Financial institutions should take steps now to prepare for a cryptographic transition. They should assess future and retroactive risks from quantum computers, including from information that has already been captured or that may be captured now, stored and exploited years later. Financial institutions should develop plans to migrate current cryptography to quantum-resistant algorithms. As a

International Monetary Fund. Asia and Pacific Dept

.2. Launching of a program and system of protection of children from harmful content 1st year Ministry of Home Affairs 2.3. Deployment of public key custodian for ensuring network security. This is related to encryption standard and security related laws. 1st year MoSICT, BTRC 2.4. Deployment of system for protection of information, data and program from hacking, fraud and damage and introducing/spreading computer viruses 2nd year Ministry of Home Affairs 2.5. Deployment of a robust, country-wide system of market information with daily

International Monetary Fund. Asia and Pacific Dept
The Sixth Five Year Plan, as outlined in Bangladesh's Poverty Reduction Strategy Paper, targets strategic growth and employment. The medium-term macroeconomic framework plan entails the involvement of both the private and public sectors. Human resources development strategy programs reaching out to the poor and the vulnerable population, as well as environment, climate change, and disaster risk management, have been included in the plan. Managing regional disparities for shared growth and strategy for raising farm productivity and agricultural growth have been outlined. Diversifying exports and developing a dynamic manufacturing sector are all inclusive in the proposed plan.