Imagine a world full of central banks digital currencies where every individual, every firm, every bank holds their money not in a protected database, but rather in a public sequence of alphanumeric characters -- a public key.
All that a bad actor needs to do is to find this public-to-private key algorithm and overnight drain the accounts of every single account-holder on the planet. Just imagine -- all the money goes away, nobody can pay anything, to anyone, on a global scale, overnight -- it's a terrorist's wet dream!
CBDC should not rely on cryptography, even non public key cryptography, but on quantum randomness.
Reliance on cryptography could be extended to choice use protocol, not to the currency per se, and should offer all the versatility and power of crypto digital currencies, only without the unacceptable risk of currency collapse.
Central banks are responsible to Resilience, Privacy, Quantum-resistance, Inclusion, User-experience and Integrity
to the global financial systems of any way they plan for money to be written and being transacted.
We realize that it's quite a challenge to screen many CBDC solution options (most of them derivatives of DLT-based and a few non-DLT) that will be put on your board, each claiming for advantage. We will be more than happy to assist in shaping the strong criteria that would be applied to those candidates and reduce them to manageable few a
We realize that it's quite a challenge to screen many CBDC solution options (most of them derivatives of DLT-based and a few non-DLT) that will be put on your board, each claiming for advantage. We will be more than happy to assist in shaping the strong criteria that would be applied to those candidates and reduce them to manageable few among which to choose, and not necessarily doing it on the basis of acceptance in the global marketplace, like many central banks are lured to do.
On top of that we'll support you in the appraisal (especially security aspects) process all along the way, from design to implementation of a CBDC platform. You realize that any such new system requires an independent risk evaluation, that will be done not by the installer of the system (the vendor) and not by the customer (the central bank). We have to remember that when it comes to digital money, it will be intensely targeted by major cryptanalytic operations and it is a must to prevent them from being secretly compromised even by unpublished vulnerabilities. Therefore, it is of utmost importance for each central bank to have an independent customized service of cyber security appraisal of the evolving CBDC.
BitMint offers central banks practical support on ALL aspects related to issuing and managing digital money, in wholesale or retail version, that is centralized, accountable, controllable. It allows for normal anonymity, but no anonymity will survive a court order. It offers new weapon for the cyber war, and it does everything that any other digital money is boasting about.
CBDC should not be reliant on mathematical complexity, but on quantum grade randomness --while its money content is generated by quantum mechanical devices, its randomness is guaranteed by the signatures of Niels Bohr, Verner Heisenberg, Albert Einstein and their like.
During the years, when talking to central banks, commercial banks, financial institutions and companies, we came up with modular frame work (that we continuously develop) that everyone can take from it whatever fits their needs, and that is based a new financial alphabet to write and secure Money designed to insure secure money tran
During the years, when talking to central banks, commercial banks, financial institutions and companies, we came up with modular frame work (that we continuously develop) that everyone can take from it whatever fits their needs, and that is based a new financial alphabet to write and secure Money designed to insure secure money transfer that is useful for legacy money, serving as medium of exchange, unit of account and also store of value, preventing fraud and misuse, offering quantum-safe transmission
It is also the foundation of the emerging digital money technology, credit, debit, escrow, smart contracts, fair taxation, any financial instrument, fairly allocate scarce industrial resources and risk-allocation.
It is not a crypto currency, it is centralized and it is designed to replace the current (hackable) language of money with a better language that is mathematically proven to withstand cryptanalytic attacks.
The digital money framework supports "truly token-based” (capable of working offline like physical money), as well as account based; Ledger based and less-ledger based; Retail as well as wholesale CBDC, etc. – all in the same framework. Our team enjoys more than 14 years of experience in all aspects of CBDC. We executed most advanced real-world pilot of CBDC (wholesale and retail) in collaboration with central bank and commercial bank. Lately it succesfully completed the bank tough stress tests, with excellent results, sWe published relevant books and articles and invested in developing holistic systems for generating (issuing) quantum-grade digital money (CBDC as well as asset backed tokens) and possible different infrastructures for inter-operability of the digital money with existing systems, enabling peer-to-per (Phone to phone) online and offline instant payment in any resolution (including continuous payment).
Central banks should look for a CBDC that is centrally minted (based on quantum randomness, and NOT on cryptography!) – whether it is Account-based CBDC targeting the general public, or Value-based/digital token-based CBDC targeting the general public, or wholesale CBDC targeting financial institutions, while all three types could by c
Central banks should look for a CBDC that is centrally minted (based on quantum randomness, and NOT on cryptography!) – whether it is Account-based CBDC targeting the general public, or Value-based/digital token-based CBDC targeting the general public, or wholesale CBDC targeting financial institutions, while all three types could by choice be distributed (but not generated) via a distributed ledger technology (DLT), in which only the coin identity is being exposed and not the value.
In order to enable payment continuity 24/7/365 even when Internet is slow or jammed, the DTL should not be the only channel for distribution, but only one option out of several.
The design of CBDC should be a response to the objectives that the central bank wishes to achieve and the needs that citizens in each State have.
There are no technological issues that we have not solved. Various regulatory issues
should be addressed. Bold leaders are required to take the right decisions.
Central banks should develop their own digital currencies with the technological support of the private sector for designing the Mint that issues the digital currencies, while the central bank will keep control on the Mint and deploy relevant regulation and supervision suitable to this evolution.
It's our pleasure to share with you our insights based on vast experience in all aspects of digitizing assets, money and currencies, from technology, through regulatory, monetary, security/privacy and most important social aspects, as well as executing successful pilot monitored by central bank, and to support you along the process, if you find it useful.
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CBDC - Who is the leader?
"BitMint's CBDC serve as a powerful social justice tool, an effective tool for reinvesting capitalism and narrowing the gap between rich and poor, as well as contributing - through its sustainable digital finance use case – to unlocking a low-carbon economy.
It enables a fair contribution of wealth from the "have" to the "have not.
It enables a mathematically fair taxation.
And many more other attributes that will foster an open and democratic society and enable a vibrant and sustainable economy".