Post-Quantum Race Underway, UN Financial Summit Warned

The timeline for quantum computers to break current encryption remains uncertain. Despite this, public sector bodies have stopped deferring action on the threat.

The topic was explored by BeInCrypto during a regulatory discussion at the UN Headquarters on Friday, part of the Government Blockchain Association's Future of Money, Governance and the Law summit.

The impetus comes from a major announcement by the US National Security Agency. It mandates that from 2027, new commercial national-security systems must be compatible with quantum-resistant algorithms. Current systems that do not comply are to be phased out by 2030.

Immediate action is driven by the "harvest now, decrypt later" threat, where encrypted data is stolen currently in anticipation of future quantum decryption capabilities.

UN Pension Fund Plots Its Quantum Migration

Brian McGleenon heard from 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.

According to Dell'Accio, quantum migration is already a practical concern for the organization. The UN pension fund runs a blockchain-based proof-of-life system that serves approximately 80,000 beneficiaries in 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 looking into adopting a post-quantum-resistant blockchain, as well as methods to re-encrypt and anchor historical records publicly.

Dell'Accio's central warning is that, unlike Y2K, there may not be a single, clean "Q-Day" when institutions can simply upgrade and move on.

There is no such a day as a Y2K in quantum. Cryptography will require continuous monitoring as threats evolve.

NSA is taking proactive steps to protect national security systems from quantum computing threats. Key initiatives include the launch of the Post-Quantum Cryptography Resources Hub, collaboration on standards and guidelines, raising awareness and education, and partnering with…

— NSA/CSS (@NSAGov) October 1, 2026

Harvest Now, Decrypt Later: The Threat Arrives Early

This strategy is referred to by the NSA as "harvest now, decrypt later." NIST is encouraging organizations not to delay, but to start migrating to finalized post-quantum standards immediately.

An extra hurdle, highlighted by Dell'Accio, is that quantum-safe cryptographic keys are often considerably larger. Current firewalls, network hardware, and software may therefore require significant upgrades as well.

Traditional Pace Seen as a Risk to Finance

Dottie Romo of the IRS closed the session with a caution on the broader regulatory pace.

"Right now we're reviewing things at a very traditional pace," Romo said. "That's not going to be sustainable."

Although the full impact of quantum may still be some way off, the competition to shield the financial system from its risks is already underway.