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Cyber Resilience of the Central Bank Digital Currency Ecosystem
Author:
Arvinder Bharath
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Anca Paduraru
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Tamas Gaidosch https://isni.org/isni/0000000404811396 International Monetary Fund

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Series:
Fintech Notes
Volume/Issue:
Volume 2024: Issue 003
Language:
English
Publication Date:
27 Aug 2024
DOI:
https://doi.org/10.5089/9798400286995.063
ISBN:
9798400286995
ISSN:
2664-5912
Pages:
53
Keywords:
Central bank digital currency; cyber risk; CBDCs; cybersecurity; fintech; digital money; central bank digital currency ecosystem; CBDC ecosystem; data breach; cybersecurity of an information system; security perimeter concept; Central Bank digital currencies; Infrastructure; Smart contracts; Global
Legal-disclaimer:
Fintech Notes offer practical advice from IMF staff members to policymakers on important issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Over 100 central banks around the globe are exploring central bank digital currencies (CBDCs) to modernize payment systems. They aim to explore potential benefits, risks, and the broad range of new capabilities CBDCs might offer. Some view CBDC exploration as an opportunity to rethink their existing, legacy payment systems and build a resilient and secure infrastructure using modern technologies. However, a CBDC creates a vast and complex ecosystem that amplifies existing risk exposures and surfaces new ones. Given the implications of issuing a CBDC, it should be seen as a fundamental change in the way the central bank operates. This note considers experiences from live CBDCs and is informed by experiments conducted by central banks and international institutions for domestic use. It also draws from cybersecurity and resilience frameworks from standard-setting bodies.
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Cover FinTech Notes
FinTech Notes
ISSN:
2664-5912
Publisher:
International Monetary Fund