The Bank of France said the G7 central bank Quantum Technologies Working Group, which it co-chairs with the Bank of Canada, has published its first public report, setting out a shared, non-prescriptive analytical framework on how quantum technologies could affect central bank activities and the wider financial sector. The report focuses on two main areas: risks to data and communication security, especially if future quantum computing weakens widely used cryptography, and potential but still experimental applications in financial markets, payment systems and central bank analytical work. On security, the report notes expert assessments suggesting a non-negligible probability that a cryptographically relevant quantum computer could emerge over the coming decade, while highlighting the long-term confidentiality risk from harvest now decrypt later attacks. It presents post-quantum cryptography as a central element of any transition to quantum-resilient security, but stresses that migration will require inventorying cryptographic dependencies, testing compatibility with existing systems and coordinating updates with counterparties and service providers. Other approaches, including quantum key distribution and distributed symmetric key exchange, may complement cryptographic solutions in specific contexts. On applications, the report says quantum techniques may eventually support optimisation, simulation, sampling and risk analysis in areas such as portfolio construction, liquidity management, anomaly detection and macroeconomic or financial stability modelling, but current use cases remain exploratory and not yet practical or cost-effective at scale. The paper also highlights system-level issues including concentration around specialist providers, shared dependencies, interoperability, governance, explainability and skills gaps. It is positioned as part of an ongoing G7 central bank work programme intended to support continued monitoring, knowledge exchange and dialogue rather than anticipate regulatory decisions or prescribe actions.
Bank of France 2026-05-11
Bank of France announces first G7 central bank report on quantum technology implications for finance
The Bank of France reported that the G7 central bank Quantum Technologies Working Group, co‑chaired with the Bank of Canada, has issued its first public report outlining a shared analytical framework on how quantum technologies could affect central bank activities and the wider financial sector. The report highlights risks to data and communication security from future quantum computing, the central role of post‑quantum cryptography in quantum‑resilient security, exploratory applications in portfolio optimisation and risk analysis, and system‑level issues including provider concentration, shared dependencies and skills gaps, while stressing that the work supports monitoring and knowledge exchange rather than regulatory decisions.