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

Odaily news, the G7 Central Bank Quantum Technology Working Group has released its inaugural 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 quantum computers capable of breaking cryptographic codes are likely to emerge within the next decade, and the "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 applications such as risk modeling, asset allocation, and economic forecasting. This report signifies that G7 central banks have officially incorporated quantum technology into financial stability considerations, potentially driving a long-term upgrade of global financial infrastructure. (Crowdfundinsider)