Are quantum computers still years away from breaking modern encryption at scale? Or is Q-Day almost here? Regardless of the answer, Governments are no longer waiting.
On Friday, BeInCrypto led the regulatory discussion on Quantum risks at the UN Headquarters during the Government Blockchain Association’s Future of Money, Governance and the Law summit.
But why now? Because the US National Security Agency announced a major shift toward post-quantum cryptography. From 2027, new commercial national-security systems must support quantum-resistant algorithms. Incompatible systems will be phased out by 2030.
The fear is already here: attackers can steal encrypted data today and wait for future quantum machines to crack it.
The UN Pension Fund Is Already Preparing
Brian McGleenon spoke with IRS Chief Risk and Control Officer Dottie Romo, UN Joint Staff Pension Fund Deputy Chief Executive Dino Cataldo Dell’Accio, and Mastercard’s Julius Moye.
Dell’Accio revealed that quantum migration is already a live issue for the UN pension fund’s blockchain-based proof-of-life system, serving roughly 80,000 beneficiaries across 190 countries.
We have been in production for five years. The concern now is what happens to information already written to a blockchain if today’s cryptography becomes vulnerable.”
The fund is exploring a post-quantum-resistant blockchain and ways to re-encrypt and publicly anchor historical records.
His key warning: there may be no clean “Q-Day” when institutions simply upgrade and move on.
There is no such a day as a Y2K in quantum. Cryptography will require continuous monitoring as threats evolve.”
The Threat Starts Before Q-Day
The NSA calls this “harvest now, decrypt later.” NIST is already urging organizations to migrate to finalized post-quantum standards rather than wait for powerful quantum computers to arrive.
Dell’Accio flagged another problem. Quantum-safe cryptographic keys can be much larger, meaning existing firewalls, network hardware and software may need upgrades too.
Finance May Have a Speed Problem
IRS Officer Dottie Romo ended with a broader warning about regulation.
“Right now we’re reviewing things at a very traditional pace,” Romo said. “That’s not going to be sustainable.”
Quantum may still be ahead of us. The race to protect the financial system has already started.