EU watchdogs warn quantum computers could pick crypto’s locks

European Union financial supervisors warned that advances in quantum computing could threaten the cryptographic security of blockchain networks.

Joint risk update from EU authorities

The European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority issued a joint risk update stating that quantum computing could undermine systems used to secure transactions, communications and databases.

Google Quantum AI assessment

Google Quantum AI researchers estimated in March that breaking the cryptography used by many cryptocurrencies might require about 20 times fewer physical qubits than earlier estimates, although no such quantum computer exists today.

Potential impact on cryptocurrency holders

A future quantum computer could, in theory, derive a private key from an exposed public key and use it to authorize transactions, exposing users to risk.

Bitcoin’s proposed migration plan

Bitcoin developer Jameson Lopp and five co‑developers proposed in February to phase out the network’s current signature scheme and to restrict spending of funds that have not migrated five years after activation. The proposal has not yet been adopted.

Ethereum’s quantum‑resistance roadmap

The Ethereum Foundation announced a goal to make Ethereum resistant to quantum attacks across its execution, consensus and data layers by December 2029.