Bank of Spain23 October 2026Nota de prensa

Bank of Spain and Banco de Portugal step up cooperation on migration to quantum-safe cryptography and cybersecurity risks

The Neural Herald summary, AI-generated

The Bank of Spain and Banco de Portugal have signed a memorandum of understanding to roll out a cooperation programme on post-quantum cryptography. Both believe an uncoordinated migration to quantum-resistant technologies could create systemic risks for the financial sector.

Key points

Three phases: exchange of good practices, analysis of shared dependencies and interoperability testing.
A working group with the industry will be set up.
The high-level meeting in Lisbon also covered competitiveness, AI and financial stability.

Who is affected

Financial institutions, market infrastructures and technology providers in Spain and Portugal.

Plain-language version

The central banks of Spain and Portugal are teaming up to prepare banks for quantum computers, which could one day crack the codes that protect your payments and data today. They want the switch to safer systems to be coordinated, because doing it separately could cause problems across the whole system.

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Bank of Spain and Banco de Portugal step up cooperation on migration to quantum-safe cryptography and cybersecurity risks

Key points

Who is affected

Plain-language version

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