EU Supervisors Urge Preparation for Quantum Risks

European Union financial supervisors warned that advances in quantum computing could eventually weaken cryptography used to secure blockchains and other financial systems, urging institutions to prepare for a transition before the technology can be used commercially. Their Autumn 2026 risk update does not say that any current quantum computer can break Bitcoin’s protections. The Joint Committee of the European Supervisory Authorities said quantum-related security risks could materialize before commercially useful applications emerge. The committee includes the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. Its warning covers cryptography protecting transactions, communications, databases and blockchains. The concern is prospective: sufficiently powerful quantum computers could threaten public-key cryptography, including elliptic-curve systems used to authorize Bitcoin transactions. Current noisy intermediate-scale quantum machines remain unable to carry out such attacks, according to the reporting.