The Bank of Spain and the Bank of Portugal have signed in Lisbon, during the high-level meeting held this Thursday and Friday, a Memorandum of Understanding to launch a Post-Quantum Cryptography Cooperation Program.
With this initiative, both institutions seek to strengthen the response to emerging cybersecurity and financial stability risks associated with the advancement of quantum computing, as stated by the Bank of Spain in a statement.
The two central banks warn that a disjointed transition to quantum-resistant technologies could generate systemic risks, making a joint analysis between financial entities and supervisory authorities necessary.
Likewise, they point out that the risks linked to the use of common service providers, shared market infrastructures, and current interoperability dependencies can be managed more effectively through coordinated action.
The program will be structured in three phases. The first will focus on sharing information, best practices, and common methodologies.
The second phase is expected to study shared dependencies, the level of preparedness of the ecosystem, and migration priorities. The third phase will include tests, interoperability assessments, and analysis of emerging technologies. To accelerate the work of the second and third phases, the creation of a joint working group with the industry is contemplated.
Meeting with financial entities from Spain and Portugal
This high-level meeting is the third to take place this year to deepen cooperation between the Bank of Spain and the Bank of Portugal.
In addition to the signing of the Memorandum, the meeting included a session with the senior management of some of the main financial entities from both countries.
During the meeting, the post-quantum cryptography cooperation program was presented, and issues related to the competitiveness of the financial system and the risks and opportunities arising from the latest developments in Artificial Intelligence were also discussed.
Furthermore, the management of the Bank of Spain and the Bank of Portugal have held bilateral meetings to continue the collaboration initiated in previous meetings, addressing macroprudential and financial stability issues.
Finally, both central banks have organized a Seminar on Iberian Economic Integration, in which the joint Occasional document "Perspectives on the Iberian Economic Integration" was presented.