Hong Kong Monetary Authority: Quantum computing may pose a threat to modern encryption methods, pushing for preparation in post-quantum cryptographic studies.

According to the Zhtng Finance APP, on November 3, the Hong Kong Monetary Authority announced the next stage of the financial technology development blueprint, "Fintech 2030". The Hong Kong Monetary Authority stated that they will promote preparations for Post-Quantum Cryptography (PQC). Quantum computing, as an emerging technology, is still in the early stages of development, but its potential impact on current data protection and online verification encryption methods has been widely recognized. Julien Lequipe, Assistant General Manager (Banking Supervision) of the Hong Kong Monetary Authority, stated that quantum computing may pose a threat to modern encryption methods, including in terms of identity authentication and privacy data. Therefore, the Hong Kong Monetary Authority will make preparations in advance, and is currently discussing the transition process of encryption methods with banks and technology companies, and will communicate closely with the industry.