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Bank of Canada explores impact of quantum computing on CBDCs

Bank of Canada explores impact of quantum computing on CBDCs

The Bank of Canada has called in local specialist evolutionQ for a research project involving quantum-safe cybersecurity technologies for greenfield digital currencies.

The Bank of Canada is exploring technologies and technical ecosystems that may inform decisions relating to the development of a potential digital loonie.

The evolutionQ research will explore the impact of integrating quantum-safe encryption methods and crypto-agility as design goals for digital currencies.

The code developed during the research will be released as open source to give developers and researchers the opportunity to explore the new cryptographic methods and propose improvements or modifications, accelerating the development of quantum-safe technologies.

Michele Mosca, CEO, evolutionQ, says: "Quantum computing offers great potential to the advancement of many future financial products, but quantum computers also pose new security risks, and it is important to research and build systems that are able to adapt to a quickly shifting threat landscape."

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