European financial regulators have issued a cautionary note regarding the potential risks posed by advanced quantum computing to the cryptographic systems that secure blockchain technology. They indicated that this risk could arise even before the technology becomes commercially feasible.
This advisory from the Joint Committee of the European Supervisory Authorities (ESAs) — which comprises the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), and the European Insurance and Occupational Pensions Authority (EIOPA) — has intensified ongoing discussions about whether to secure or leave unprotected the legacy bitcoin wallets. Currently, about 6.9 million bitcoins, valued at approximately $586 billion, could be at risk if quantum computers are able to decrypt bitcoin’s cryptography, as noted by Cryptoquant.
“Concerns could arise sooner than any practical commercial implementation,” the regulators stated in the Autumn 2026 Risk and Vulnerabilities report published on Wednesday. The document highlights that a powerful quantum computer “could compromise several cryptographic systems that are essential for securing communications, transactions, databases, and blockchains.”
While the report does not specify a timeline for when quantum computing might become commercially viable, a recent IBM study suggests it could be operational within the next four years.