The G7 Central Bank Quantum Technologies Working Group released its first report, warning of long-term risks to the financial encryption system.

According to ME News, on June 15th (UTC+8), the G7 Central Bank Quantum Technologies Working Group (QTWG) released its first public report, indicating that quantum computing technology could have a profound impact on the global financial system, particularly posing structural challenges in data encryption and cybersecurity. The working group, established in 2025 and co-led by the Bank of France and the Bank of Canada, includes members from the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan, and major central banks in Germany and Italy. The report points out that although no quantum computer currently possesses cryptographic decryption capabilities, the industry generally believes that its emergence within the next decade is increasing, posing a potential risk to existing financial infrastructure that relies on traditional encryption algorithms. One core risk is known as the "collect first, decrypt later" strategy, which involves storing currently encrypted financial data long-term, intending to decrypt it once quantum computing capabilities mature, potentially threatening the long-term data security of the financial system. The report recommends that financial institutions in various countries proactively compile lists of their encryption system dependencies and gradually assess the feasibility of migrating to post-quantum cryptography, while strengthening inter-institutional coordination to reduce systemic risk exposure. In terms of opportunities, quantum computing holds promise for enhancing the computing power of financial institutions in areas such as risk modeling, portfolio optimization, macroeconomic forecasting, and stress testing. However, its practical application still depends on technological maturity and progress towards large-scale deployment. Analysts believe this report marks the beginning of G7 central banks systematically incorporating quantum technology into their financial stability assessment frameworks, potentially driving long-term upgrades to global financial infrastructure at the cryptographic and computing architecture levels. (Source: ME)