G7 Central Bank Quantum Technology Working Group Releases First Report, Warning of Financial Encryption Security Risks

Odaily reported that the G7 Central Bank Quantum Technology Working Group has released its first public report, warning that quantum computing could have a profound impact on the global financial system, with traditional encryption systems facing significant security challenges. Established in 2025 and led by the central banks of France and Canada, the working group brings together several major global central banks. The report notes that a quantum computer capable of breaking encryption codes will likely emerge within the next decade, and a "harvest now, decrypt later" attack model could threaten the security of existing financial data. The report recommends that financial institutions catalog their encrypted assets, gradually transition to post-quantum cryptography, and enhance multi-party collaboration. At the same time, quantum technology can also empower areas such as risk modeling, asset allocation, and economic forecasting. This report marks the formal inclusion of quantum technology in financial stability considerations by the G7 central banks, potentially driving a long-term upgrade of global financial infrastructure. (Crowdfundinsider)