The G7 Central Bank Quantum Technologies Working Group (QTWG) has unveiled its inaugural public report. Titled “Preparing for Quantum Technologies: Key Considerations for Financial Sector Participants,” the update offers a comprehensive yet neutral analysis of how quantum advancements could reshape the financial landscape. Released recently this past month, this publication now reportedly marks the first collective output from the group, signaling growing institutional focus on quantum-related risks and possibilities.
The QTWG was formed in 2025, following high-level G7 priorities that identified quantum technologies as a strategic area.
Co-chaired by the Banque de France and the Bank of Canada, it includes representatives from the Deutsche Bundesbank, Bank of England, Banca d’Italia, Bank of Japan, Federal Reserve Board, and European Central Bank.
The group’s mandate centers on examining economic, financial, and institutional effects while fostering dialogue among regulators, banks, and tech experts.
Quantum technologies—spanning computing, communication, and sensing—have moved beyond pure research into early practical exploration.
The report stresses their dual nature for finance: potential disruptors of current security foundations and enablers of advanced problem-solving. A core concern involves data protection.
Many cryptographic methods securing transactions, communications, and records rely on problems difficult for classical computers but potentially solvable by powerful quantum machines.
Although no such “cryptographically relevant” quantum computer exists today, experts anticipate its possible arrival within the coming decade, with timelines remaining highly uncertain.
This uncertainty is compounded by the “harvest now, decrypt later” threat, where adversaries could store encrypted data today for future decryption. Such risks carry systemic implications in an interconnected financial world, where uneven preparedness could create widespread vulnerabilities.
The report underscores the need for proactive measures to maintain long-term confidentiality, particularly for sensitive information with extended lifecycles.
It aligns with broader G7 efforts, including post-quantum cryptography migration roadmaps, without prescribing specific solutions.
Instead, it advocates inventorying dependencies, testing compatibility, and coordinating across stakeholders.
On the opportunity side, quantum approaches could excel in optimization, simulation, and complex modeling tasks that challenge traditional systems.
Potential applications include enhanced risk assessment, portfolio optimization, macroeconomic forecasting, and stress testing for central banks and institutions.
However, the document cautions that practical benefits depend on further technological maturation, scalability, and demonstrated value.
It also flags new dependencies, concentration risks, and governance challenges that could arise from uneven adoption.
The QTWG promotes a shared analytical framework emphasizing collaboration, consistent risk-opportunity evaluation, and ongoing monitoring amid evolving uncertainties.
Banque de France Deputy Governor Agnès Bénassy-Quéré highlighted the central banks’ role in anticipating transformations that affect financial stability.
Bank of Canada Governor Tiff Macklem echoed this, noting the narrowing window for quantum preparedness to ensure resilience and security.
This report represents a milestone in coordinated international thinking on quantum implications for finance.
By providing a factual, non-prescriptive foundation, it aims to inform decision-making across the sector without preempting future developments or policies. As quantum progress accelerates, such collective insights could potentially prove invaluable for safeguarding trust and more responsible innovation in global markets.