Bank of Spain and Bank of Portugal sign post-quantum cryptography agreement

The Bank of Spain and the Bank of Portugal have signed a memorandum of understanding under which they commit to launching a cooperation programme on post-quantum cryptography, according to a Bank of Spain press release published on 23 October.

According to the release, the agreement was signed in Lisbon during a high-level meeting held on Thursday and Friday, and seeks to respond more effectively to the emerging cybersecurity and financial stability risks posed by the development of quantum computing.

Post-quantum cryptography covers encryption methods designed to withstand attacks by future quantum computers. The agreement concerns the migration of the cryptographic systems on which central banks and the financial sector depend.

The release does not specify who signed the agreement, what specific activities the programme includes, or its timetable, budget or working structure. Nor does it say whether the text of the memorandum will be made public.