G7 Central Bank Group Warns Quantum Computing Could Threaten Financial Encryption Within a Decade

The G7 Central Bank Quantum Technology Working Group has issued its first public report warning that quantum computing could undermine traditional financial encryption, with a code-breaking quantum computer likely to emerge within the next decade. According to NS3.AI, the report recommends that institutions catalog encrypted assets, begin transitioning to post-quantum cryptography, and strengthen multi-party collaboration to prepare for potential risks. The working group said these steps are intended to help mitigate future vulnerabilities as quantum capabilities advance.