Today, the Hong Kong Monetary Authority (HKMA) announced Project Sela to research cybersecurity in retail central bank digital currency (CBDC). The HKMA will be working on this joint project with the Bank of Israel (BOI), and Bank for International Settlements Innovation Hub (BISIH) Hong Kong Centre.
The initiative focuses on considering a two-tier retail CBDC architecture with intermediaries. They will try to establish ways of making retail CBDC more resilient to cyberattacks, and aim to finish the project by the end of this year.
“We trust that with the expertise offered by Israel, a global leader in cybersecurity, the findings of the joint project would add to the wealth of knowledge of CBDC, and contribute to the common good of the international central banking community” said Howard Lee, Deputy CEO of the HKMA.
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