The era of quantum computing is about to begin, with profound implications for the global economy and the financial system. Rapid development of quantum computing brings both benefits and risks. Quantum computers can revolutionize industries and fields that require significant computing power, including modeling financial markets, designing new effective medicines and vaccines, and empowering artificial intelligence, as well as creating a new and secure way of communication (quantum Internet). But they would also crack many of the current encryption algorithms and threaten financial stability by compromising the security of mobile banking, e-commerce, fintech, digital currencies, and Internet information exchange. While the work on quantum-safe encryption is still in progress, financial institutions should take steps now to prepare for the cryptographic transition, by assessing future and retroactive risks from quantum computers, taking an inventory of their cryptographic algorithms (especially public keys), and building cryptographic agility to improve the overall cybersecurity resilience.

Over 100 central banks around the globe are exploring central bank digital currencies (CBDCs) to modernize payment systems. They aim to explore potential benefits, risks, and the broad range of new capabilities CBDCs might offer. Some view CBDC exploration as an opportunity to rethink their existing, legacy payment systems and build a resilient and secure infrastructure using modern technologies. However, a CBDC creates a vast and complex ecosystem that amplifies existing risk exposures and surfaces new ones. Given the implications of issuing a CBDC, it should be seen as a fundamental change in the way the central bank operates. This note considers experiences from live CBDCs and is informed by experiments conducted by central banks and international institutions for domestic use. It also draws from cybersecurity and resilience frameworks from standard-setting bodies.

1. UAE's Investment in Quantum Computing and AI: Opportunities and Challenges (Page 4) 2. Addressing the Risks and Challenges of AI and Quantum Computing: Prioritizing Ethical and Responsible Use (Page 15) 3. Leveraging AI and Quantum Computing for Economic Development in Developing Countries (Page 22) 4. How Switzerland Can Utilize AI and Quantum Technologies to Revolutionize the Insurance Industry (Page 26) 5. Mitigating the Risks of AI and Quantum Computing in Space: Strategies for Promoting Peaceful Development and Security (Page 30) 6. Protecting Our World in the Era of Quantum Computing and AI: Strategies for Mitigating Threats to Our Existence, Democracy, and Financial System (Page 34) 7. Quantum Computing and AI: The Threat to Banks and the Financial System (Page 37) 8. The Quantum Threat to Bitcoin: Understanding the Risks and Preparing for the Future (Page 41) 9. Safeguarding Against the Dark Side of Quantum Technology and AI: A Comprehensive Approach to Combating Scammers (Page 45) 10. Preventing the Misuse of Quantum Technology and AI: A Critical Challenge for Global Security (Page 49) 11. Regulating Quantum Technology and AI: Feasible Approaches for a Complex and Evolving Landscape (Page [not specified]) #technology #socialmedia #work #development #security #future #linkedin #instagram #investment #experience #finance #UAEqualumAI #AIQuantumRisks #AIQuantumDevCountries #SwissAIInsurance #AIQuantumSpaceSecurity #ProtectingOurWorldAIQuantum #QuantumThreatBanks #QuantumThreatBitcoin #SafeguardingAIQuantumScammers #PreventingMisuseAIQuantum #RegulatingAIQuantum #uae #quantumdubai #opportunities

Finance and Development, December 2021

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