G7 Central Banks' Quantum Working Group Warns of Long-Term Encryption Risks to Financial Systems

According to BlockBeats, the G7 central banks' quantum technology working group released its first public report on June 15, identifying quantum computing as a structural challenge to global financial encryption and cybersecurity. The report highlights the "collect now, decrypt later" strategy as a core risk, where adversaries could store encrypted financial data today and decrypt it once quantum capabilities mature, potentially threatening long-term financial system security.

The working group recommends that financial institutions urgently map their encryption dependencies and evaluate migration to post-quantum cryptography, while strengthening cross-institutional coordination to reduce systemic risk exposure.