The Hong Kong Monetary Authority scored its banking sector 2.3 out of 10 on quantum computing readiness and aims to reach full preparedness by 2030.
Nearly half of the banks surveyed have no formal plan for post-quantum cryptography, and another third haven’t begun transitioning at all. Despite this slow progress, the regulator can enforce its timeline with tools like a PQC toolkit developed with Hong Kong University of Science and Technology and ongoing industry workshops.
Bitcoin faces the same looming quantum threat but operates without a regulatory body to impose deadlines or mandates.
Unlike Ethereum, which benefits from a foundation that supports post-quantum roadmaps, Bitcoin’s decentralized governance leaves upgrades to community consensus, which remains divided. Proposals like BIP-360 and BIP-361 suggest ways to protect Bitcoin from quantum attacks, including new output types and phasing out vulnerable signatures. However, the challenge lies in achieving unanimous agreement among users, especially considering that around 1.7 million BTC tied to early addresses might be impacted.
Industry voices warn that the bottleneck is consensus rather than technology. While Hong Kong banks will be measured against a clear deadline, Bitcoin’s readiness has no official scorecard or timeline, making its quantum future uncertain.
