News

Israel and Hong Kong Team Up to Test Digital Currency Cyber Risk

The Bank of Israel is currently working with the Hong Kong Koong Monetary Authority to test a new cryptocurrency to counter cybersecurity risks.

The project is expected to use a two-tier central bank digital currency (CBDC) in Q3 2022.

The retail CBDC is designed to allow intermediaries, such as banks, to handle it without financial exposure to their customers. The testing process will assess whether this makes it less vulnerable to hackers.

Digital Ambitions

Central banks are at varying stages of developing digital currencies

Source: Bloomberg

Analysts at Bank of America Corp. have argued that central banks will inevitably launch their digital coins to ward off the risk of losing monetary control to decentralized or adopted digital currencies like a digital dollar.

The “exposure-free” CBDC is assumed to carry “less financial risk for the customer, more liquidity, lower costs, increased competition, and wider access,” the Bank of Israel said.

The Bank for International Settlements’ Innovation Unit will also participate in the trial.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

KAI

CoinCu News

Victor

Recent Posts

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

9 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

5 hours ago

This website uses cookies.