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G7 urges rapid preparations for quantum computing threat; bitcoin, ethereum also on alert

A G7 cybersecurity working group urged governments and companies to immediately begin shifting to post-quantum cryptography, warning that technology threatening existing public-key systems is advancing faster than expected. It highlighted the risk of attacks that harvest encrypted data now and decrypt it later. The EU has set timelines for migration. Bitcoin is considering BIP-360, while Ethereum plans broader upgrades. Larger post-quantum signatures could raise storage, bandwidth and transaction costs.