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

Odaily reports 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 states that quantum computers capable of cracking encryption are likely to emerge within the next decade, and a "harvest now, decrypt later" attack model threatens the security of existing financial data. It recommends that financial institutions inventory their encrypted assets, gradually transition to post-quantum cryptography, and strengthen multi-party collaboration. At the same time, quantum technology can also empower risk modeling, asset allocation, economic forecasting, and other applications. This report signifies that G7 central banks have formally incorporated quantum technology into financial stability considerations, potentially driving a long-term upgrade of global financial infrastructure. (Crowdfundinsider)