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G7 central bank quantum technology working group releases first report: warns of long-term risks in the financial encryption system

According to a report by Crowdfund Insider, the first public report released by the G7 Central Bank Quantum Technology Working Group (QTWG) indicates that quantum computing technology could have a profound impact on the global financial system, particularly posing structural challenges in the fields of data encryption and cybersecurity. The working group was established in 2025, co-led by the Bank of France and the Bank of Canada, with members including the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan, and major central banking institutions from Germany, Italy, and others.The report points out that although quantum computers capable of breaking encryption have not yet emerged, there is a general belief in the industry that the likelihood of their appearance within the next decade is increasing, which poses potential risks to existing financial infrastructure that relies on traditional encryption algorithms. One core risk is referred to as the "collect now, decrypt later" strategy, which involves the long-term storage of currently encrypted financial data, with the intention of decrypting it once quantum computing capabilities mature, potentially threatening the long-term data security of the financial system.The report recommends that financial institutions in various countries proactively compile a list of their reliance on encryption systems and gradually assess the feasibility of transitioning to post-quantum cryptography, while also strengthening inter-agency coordination to reduce systemic risk exposure. In terms of opportunities, quantum computing is expected to enhance the computational capabilities of financial institutions in areas such as risk modeling, portfolio optimization, macroeconomic forecasting, and stress testing, but its practical application still depends on technological maturity and scaling progress.Analysts believe that this report marks the beginning of G7 central banks systematically incorporating quantum technology into their financial stability assessment framework, which may drive long-term upgrades of global financial infrastructure at the encryption and computational architecture levels.

first_img Data: The cryptocurrency market is rising, with MAG7.ssi up over 6% and the PayFi sector rising 17.06%

ChainCatcher news, according to SoSoValue data, three cryptocurrency bills have been passed by the House of Representatives, leading to an overall increase in the crypto market, with gains generally around 2% to 6%. Among them, the PayFi sector surged by 17.06% in 24 hours, driven by the positive news of the "Genius Bill" passing and the expectation that it will be signed by Trump on Friday. Within the sector, Stellar (XLM) and XRP rose by 11.42% and 18.15%, respectively. Additionally, ETH increased by 5.85%, breaking the $3500 mark.It is noteworthy that XRP and ETH's strong upward movement, as core components of MAG7.ssi, has propelled MAG7.ssi to continue rising, reaching a 24-hour increase of 6.37%, approaching the 0.98 USDT mark. Furthermore, DEFI.ssi rose by 6.49%, and MEME.ssi increased by 2.56%.In other sectors, the Layer2 sector rose by 5.73%, with Mantle (MNT) increasing by 11.86%; the DeFi sector rose by 4.56%, with Uniswap (UNI), Ondo Finance (ONDO), and Chainlink (LINK) increasing by 13.01%, 13.31%, and 13.69%, respectively; the Layer1 sector rose by 4.31%, with Cardano (ADA) and Hedera (HBAR) increasing by 14.24% and 24.44%, respectively; the Meme sector rose by 2.95%, with Fartcoin (FARTCOIN) and Dogecoin (DOGE) increasing by 9.53% and 9.86%, respectively; the CeFi sector rose by 1.70%.The cryptocurrency sector indices reflecting historical market trends show that the ssiPayFi, ssiDeFi, and ssiRWA indices increased by 17.92%, 8.44%, and 6.91% in 24 hours, respectively.
Data: The cryptocurrency market is rising, with MAG7.ssi up over 6% and the PayFi sector rising 17.06%
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