DigFin VOX
DigFin VOX
Jame DiBiasio
Are CBDCs quantum safe? | Amnon Samid, BitMint
46 minutes Posted Jun 13, 2024 at 3:19 am.
– Amnon Samid, BitMint
– Pioneering mobile money, before bitcoin, before WeChat!
– Emergence of CBDCs, wrong turns, “pilots are pointless”, and account-based digital cash versus token-based
– Why central banks are pursuing account-based CBDC solutions
– Lessons from CBDC pilots, security risks, and why DLT/blockchain solutions are a mistake
– Why DLT correlates to security threats, and do central bankers grasp underlying use cases for digital cash
– How to think about programmability and the role of commercial banks
– If not DLT, then what? Creation, validation, privacy, identity
– Networks versus edge computing (phones) and public ledgers, and the security tradeoffs
– Useful features of digital cash
– Are central banks responding to the threat of quantum computing and AI to their financial systems?
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Show notes
Amnon Samid is CEO of BitMint, a company that has been pioneering “quantum-safe” mobile payments and digital money. Samid has been researching central-bank digital currencies (CBDCs) for many years and believes most of these projects are on the wrong track.
Why? Mainly because they rely on blockchain or distributed-ledger tech (DLT), which Samid says will soon be cryptographically compromised by the power of quantum computers. The rapid developments in artificial intelligence pose another threat.
Samid is a passionate advocate for central banks to secure digital cash as token- or value-based digital representations, instead of designing systems that rely on traditional accounts as used by the commercial banking system.
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