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

A reference report to shed light on an emerging and strategic topic

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.

A fundamentally systemic consideration

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.

Exploring emerging opportunities

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.

Structuring anticipation in an evolving landscape

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.

A collective and forward-looking dynamic

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.

Agnès Bénassy-Quéré, Deputy Governor of the Banque de France, stated: “The role of central banks is to anticipate and support transformations that may affect the financial system. Quantum technologies are part of this dynamic, opening new avenues for exploration while further deepening the understanding of certain risks whose implications have already been identified. This report provides a shared analytical framework to structure collective understanding and guide future work across the ecosystem.

The report is available in full here