EU watchdogs warn quantum computers could pick crypto’s locks

EU supervisors warn quantum computing could weaken blockchain security as Bitcoin developers weigh a draft migration plan and Ethereum targets 2029.

European Union financial supervisors warned Wednesday that advances in quantum computing could threaten the cryptography securing blockchains.

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

The warning follows a more detailed assessment from Google Quantum AI. In March, its researchers estimated that breaking the cryptography used by many cryptocurrencies could require about 20 times fewer physical qubits than earlier estimates. A qubit is the basic unit of a quantum computer.

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