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

According to Huoxun Finance, the G7 Central Bank Quantum Technologies Working Group released its first public report, warning that the increased likelihood of quantum computing's ability to break cryptography within the next decade poses a potential risk to financial infrastructure relying on traditional encryption algorithms. The report specifically mentions that the "collect first, decrypt later" strategy could threaten long-term financial data security. The report recommends that financial institutions compile a list of their encryption system dependencies, assess the feasibility of migrating to post-quantum cryptography, and strengthen inter-institutional coordination to mitigate risks. While quantum computing can enhance the computing power of financial institutions in areas such as risk modeling and portfolio optimization, its implementation depends on technological maturity and large-scale progress. This report marks the inclusion of quantum technology in the financial stability assessment framework by G7 central banks, potentially driving a long-term upgrade of global financial infrastructure.