The Bank for International Settlements BIS has shared a report on the relationship of CBDC currencies with decentralized finance. The report addresses the risks targeting the DeFi industry and CBDCs using smart contract technology.
Crypto experts emphasized the reputational risk posed by attacks on protocols and smart contracts in the DeFi space. Losses caused by attacks on DeFi pose a significant risk factor for CBDC systems.
Experts draw attention to the rapidly developing cyber threats with the advancement in technology. BIS officials suggested that these risks could extend to smart contracts.
The BIS prepared its report on CBDCs, which it published Thursday, as part of Project Polaris. The Polaris Project aims to guide central banks in digital currency design, implementation, planning and operational considerations.
The researchers suggest that central banks strengthen their procedures to prevent such attacks and at all stages of the CBDC program. “security and resilience functional teams” recommended that they be created.
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