The G7 cybersecurity working group said in a new report that quantum computing poses both security and economic threats to public and private institutions, and organizations should begin migrating to post-quantum cryptography immediately. According to ChainCatcher, the group said the transition could take years, while attackers may already be collecting encrypted data now and waiting to decrypt it once sufficiently powerful quantum computers become available.

The report said quantum computing could also break digital signatures, enabling identity spoofing and exposing companies and their supply chains. It did not mention cryptocurrencies, but the same public-key cryptography is used for blockchain wallets and transaction authorization. Current quantum computers are not yet able to break Bitcoin cryptography, though developers are considering post-quantum proposals such as BIP-360. Ethereum researchers plan to replace several cryptographic components used by accounts, validators, and applications, while the Solana Foundation has tested post-quantum signatures on a testnet and introduced an optional hash-based vault. The G7 group also urged governments to support research, public-private cooperation, and national PQC strategies.