EU Warns of Quantum Threat to Cryptography by 2026
- The EU’s financial regulators warn that advanced quantum computers could compromise cryptography securing communications, transactions, databases, and blockchains.
- Data captured today could be decrypted later using a tactic known as “harvest now, decrypt later.”
- The EU recommends member states adopt a post-quantum cryptography migration strategy by the end of 2026.
- Estimates suggest Q-Day, when quantum machines can break current cryptographic systems underpinning Bitcoin and Ethereum, might occur between 2030 and 2032.
- Approximately $469 billion worth of Bitcoin is at risk due to public keys visible on-chain.
The EU’s financial regulators have raised concerns about the potential threat posed by quantum computing to current cryptographic systems used in financial transactions and blockchain technologies. They emphasize the need for vigilance and preparedness against this emerging vulnerability.
With significant amounts of cryptocurrency potentially exposed, the call for adopting a post-quantum cryptography strategy highlights the urgency of addressing these risks before they materialize. (Source)
