Bank of Canada and G7 central banks publish first joint framework on quantum technology risks and opportunities for finance

The Bank of Canada, as co-chair of the G7 Central Bank Quantum Technologies Working Group, announced the publication of “Preparing for Quantum Technologies: Key Considerations for Financial Sector Participants,” the group’s first public deliverable. The report sets out a shared analytical framework for how quantum technologies could affect central banking and the wider financial system. It is explicitly non-prescriptive and is intended to help financial sector participants understand the current landscape, including key risks, uncertainties and questions. A central focus is the potential impact of quantum computing on the cryptographic systems that secure digital communications, payments and financial data. The report notes that the timing of a cryptographically relevant quantum computer remains uncertain, but that risks such as “harvest now, decrypt later” already raise concerns about long-term data confidentiality and support a proactive approach to preparedness and coordination across the financial system. It also points to possible longer-term opportunities in information processing, including applications in areas such as risk modelling and central bank forecasting, while stressing that the scope and maturity of those uses remain uncertain. The framework is intended to support future decisions through cooperation among central banks, public authorities and financial stakeholders, and through common approaches to assessing risks, opportunities and trade-offs.