Banks, Regulators Unite on Quantum-Resistant Crypto Transfer Pilot
The Responsible Fintech Institute (RFI) and Safeheron have launched a pilot project to test quantum-resistant infrastructure for digital asset wallets and on-chain transfers.
The pilot involves banks, regulators, and financial institutions across Europe, the Middle East, and Asia. Participating regulators include Abu Dhabi Global Market, Bhutan's Gelephu Financial Services Office, and Malta's Financial Services Authority, while Bison Bank and DK Bank are participating as financial institutions.
The test will use a multiparty computation protocol supporting ML-DSA-65, a post-quantum digital signature standard published by the US National Institute of Standards and Technology, on a quantum-resistant NEAR testnet. The pilot aims to prepare for potential security risks posed by quantum computers that could undermine public-key cryptography.
The organizers plan to publish a white paper covering the research, protocol design, and test findings, with the goal of open-sourcing the underlying technology. This initiative comes as financial authorities prepare for the potential impact of quantum computers on their systems.