CBDCs? Sure, just make sure they’re safe.
— including anonymity and irreversibility — that can be exploited by clever scammers. Although, it’s not clear if CBDCs will leverage blockchain technology.
Imagine a group of dedicated hackers finds, penetrates and gains access to a backdoor that gives them control of the central bank’s private key. Private keys are the most important elements of a blockchain system, as any transactions conducted with the private key are registered by the system as valid and secure. At this point, the bulk — or a significant chunk — of the country’s treasury could effectively be held hostage by a criminal organization.
Clearly, any government would spend top dollar on cyber defenses to protect its newly established digital infrastructure. But simply investing an abundance of resources isn’t a guarantee against hacks. Naturally, any central bank launching a digital currency would be an attractive target. Banks invest millions, if not billions, each year to defend their databases and IT infrastructure. Various security layers are employed to protect against hackers, inside jobs or unintentional leakage of sensitive information. While banks are familiar with information security, safeguarding digital assets requires a vastly different approach than traditional assets.
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