EU Financial Regulators Warn of Quantum Computing Threats to Blockchain Security

The European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority stated in a joint risk update that advancements in quantum computing could undermine the cryptographic systems that secure blockchain transactions, communications, and databases. Google quantum AI researchers estimated in March that the number of physical quantum bits required to break the cryptographic techniques used by many cryptocurrencies could be about 20 times less than previously estimated. Currently, there are no computers capable of executing such attacks. Bitcoin developer Jameson Lopp and others proposed in February to gradually phase out the current signature scheme and limit the use of untransferred funds five years after the proposal is activated, but this proposal has not been adopted. The Ethereum Foundation plans to make Ethereum's execution, consensus, and data layers resistant to quantum attacks by December 2029.

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