Bank of Canada Completes Quantum Simulation of Crypto Market
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April 14, 2022

Multiverse Computing, a quantum computing startup, has completed a proof-of-concept project in a collaboration with the Bank of Canada where the parties simulated with a quantum computer the adoption of cryptocurrency as a payment method. Sam Mugel, CTO at Multiverse Computing, hinted that the results of the project are "very intriguing and insightful" as stakeholders consider further research in the domain.

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"Thanks to the algorithm we developed together with our partners at the Bank of Canada, we have been able to model a complex system reliably and accurately given the current state of quantum computing capabilities," Mugel added.

According to a blog post, Multiverse Computing used quantum computing to model complex economic interactions. Quantum calculus helped with simulation of complex economic behavior that is otherwise "very difficult to simulate using traditional computational techniques," the company added.

Maryam Haghighi, Director, Data Science at the Bank of Canada, said that the idea behind the project was to test the "power of quantum computing on a research case that is hard to solve using classical computing techniques."

Canada Will Track Crypto Transactions

The Bank of Canada is trying to keep distance with cryptocurrencies as it believes that spikes of prices on the market are likely driven by a speculative mania, rather than a trend. While Timothy Lane, Deputy Governor of the Bank of Canada, admits some cryptocurrencies could see "a boost from the acceleration of digitalization," the majority of digital assets like bitcoin (EXANTE: Bitcoin) will not become "the money of the future."

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