DARPA Launches P5 Program for Private and Efficient International Payment Systems
On December 19, 2025, DARPA launched the P5 program to improve financial privacy and efficiency in international payment systems for U.S. financial institutions, addressing shortcomings in existing systems like SWIFT and cryptocurrencies. The initiative seeks input on current technologies while emphasizing the competitive advantage of financial privacy, particularly for large international transfers, and exploring the balance between privacy, transaction volume, and security. Additionally, P5 may align with global efforts on Digital Public Infrastructure and Central Bank Digital Currencies.
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On December 19, 2025, the US Defense Advanced Research Projects Agency (DARPA) announced the P5 program, aiming to enhance financial privacy and efficiency in international payment systems for American financial institutions. The program seeks information on current technologies and innovations to achieve this goal, highlighting the lack of privacy in existing systems like SWIFT and many cryptocurrencies.
The P5 RFI indicates that while blockchain alternatives exist, they are not immune to deanonymization. The program emphasizes the importance of financial privacy as a competitive advantage for the US, particularly in the context of large international transfers.
DARPA is also examining trade-offs between privacy, transaction volume, and security. Additionally, the initiative may intersect with global efforts to develop Digital Public Infrastructure and Central Bank Digital Currencies.
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