G7 central banks publish reference report on quantum technologies and their implications for the financial system

The G7 Central Bank Quantum Technologies Working Group (QTWG) announces the publication of its report, “ Preparing for Quantum Technologies: Key Considerations for Financial Sector Participants .” This document constitutes the first public deliverable of the working group.

Quantum technologies, initially rooted in scientific research, are now regarded by financial institutions as both a source of opportunity and risk. They could have significant implications for the security, resilience and proper functioning of the financial system, while also potentially transforming capabilities in information processing and applications.

In this context, the QTWG report aims to establish a shared analytical framework on the potential implications of quantum technologies for central banking activities and, more broadly, for the financial ecosystem.

It follows an institutional, analytical and non-prescriptive approach: it does not set out operational recommendations but provides a structured framework to understand the current landscape, including challenges, uncertainties and key questions associated with these technologies.

Attention to quantum technologies stems from their potential impact on the mechanisms of trust underpinning the financial system, particularly the cryptographic systems used to secure digital communications, payments and financial data.

Advances in quantum computing could, over time, challenge certain security assumptions on which these systems rely. Specifically, while the timing of a cryptographically relevant quantum computer remains uncertain, the potential impact of such device is now well identified. In particular, the risk of ‘harvest now, decrypt later’, whereby encrypted data collected today could be decrypted in the future, highlights the need to consider long-term data confidentiality.

This combination of established risks, uncertainty regarding their time horizon, and the potential for systemic implications justifies a proactive approach to safeguarding data security, given the stakes for financial stability and the resilience of market infrastructures. In highly interconnected environments, uneven levels of preparedness may create vulnerabilities with the potential to affect the whole system, underscoring the importance of effective coordination across financial system stakeholders.

The report also highlights that quantum technologies could, over time, create new opportunities in information processing by enabling certain types of problems to be addressed that are currently difficult or very time-consuming to tackle using classical computing approaches.

These perspectives notably concern situations characterised by high computational complexity or large volumes of data, with potential applications for certain financial use cases such as risk modelling as well as for analytical and research functions within central banks like forecasting.

At this stage, the scope and maturity horizon of these opportunities remain uncertain. Their materialisation will depend on technological advances and their ability to demonstrate tangible value in operational environments.

In this context, the report proposes a shared analytical framework to inform future decisions, based in particular on:

close cooperation between central banks, public authorities and financial stakeholders;

the development of common frameworks to consistently assess risks, opportunities and trade-offs associated with quantum technologies.

The report builds on work already undertaken by G7 central banks, including research activities, experiments and exchanges with academic and technological communities. It forms part of a structured and ongoing reflection process, which will evolve in line with scientific and technological developments, as well as public policy needs.

“With continuing advances in quantum computing, the window to being quantum-ready is narrowing,” Bank of Canada Governor Tiff Macklem said. “This report reflects our collective efforts to improve understanding and promote preparedness so that the financial system remains resilient, secure and ready for a quantum future.”

The report is available on the website of the Banque de France.

About the Quantum Technologies Working Group

Established in 2025, the QTWG brings together G7 central banks to analyse the economic, financial and institutional implications of quantum technologies and to contribute to an informed dialogue among public authorities, financial institutions and technology stakeholders.

Co-chaired by the Banque de France and the Bank of Canada, the QTWG also includes the Deutsche Bundesbank, the Bank of England, the Banca d’Italia, the Bank of Japan, the Federal Reserve Board and the European Central Bank.

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