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

Odaily Planet Daily News: 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, posing significant security challenges to traditional encryption systems. The working group was established in 2025 and is led by the central banks of France and Canada, bringing together several major global central banks. The report mentions that quantum computers capable of cracking encryption are highly likely to emerge within the next ten years, and the "harvest now, decrypt later" attack model will threaten the security of existing financial data. The report recommends that financial institutions review their encryption assets, gradually transition to post-quantum cryptography, and strengthen multi-party collaboration. At the same time, quantum technology can also empower scenarios such as risk modeling, asset allocation, and economic forecasting. This report signifies that G7 central banks have formally incorporated quantum technology into financial stability considerations, which could drive long-term upgrades to the global financial infrastructure. (Crowdfundinsider)