EU financial regulators warn that quantum computing could threaten blockchain security.

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The European Banking Authority, EIOPA, and ESMA warned that quantum computing could undermine blockchain security. Google researchers stated that breaking cryptographic signatures may require far fewer qubits than previously thought. No quantum computer currently exists. Bitcoin developer Jameson Lopp suggested phasing out current signature schemes, but the plan has not been adopted. The Ethereum Foundation aims to make blockchain technology quantum-resistant by 2029.

Huoxing Finance reports that the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA) stated in a joint risk update that advances in quantum computing could undermine the cryptographic systems securing blockchain transactions, communications, and databases. In March, Google Quantum AI researchers estimated that the number of physical qubits required to break the cryptographic techniques used by many cryptocurrencies may be about 20 times fewer than previously estimated. No computers capable of executing such attacks currently exist. In February, Bitcoin developer Jameson Lopp and others proposed phasing out current signature schemes and restricting the use of unmigrated funds five years after proposal activation; this proposal has not yet been adopted. The Ethereum Foundation plans to make Ethereum’s execution, consensus, and data layers quantum-resistant by December 2029.

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