Quantum-Safe Markets and the Future of Financial Infrastructure

Isaiah Hull, Or Sattath, Eleni Diamanti +1 more

Jamolova Gulbanbegim Muzaffar qizi, Maloxat Axmedova, Feruzaxon Odilova +4 more

The growing risk of quantum computing means that criminals will find it needless to adopt quantum-safe solutions, specifically in protecting the Central Bank Digital Currencies (CBDCs) and economic infrastructures. The present paper suggests a Quantum-Safe Cryptographic Framework as a combination of Post-Quantum Cryptography (PQC) and Quantum Key Distribution (QKD) to provide security to financial transactions. The paper describes the main architecture, that is, three layers: Cryptographic Primitive, Secure Communication and Key Management, and Application Layer, where quantum-safe algorithms such as Kyber (ML-KEM) are used to encrypt information and Dilithium is used to sign it. The major statistical implications are that the quantum-safe framework versus classical RSA/ECC systems leads to the reduction of throughput (850 TPS vs. 1000 TPS) and the increase of latency (54 ms vs. 45 ms) by 15 and 20 %, respectively. The computational cost of PQC algorithms also increases by 25 % and 1.5 J in the quantum-safe system and 1.2 J in the classical system, respectively. In spite of these trade-offs, the quantum-safe framework offers the much-needed protection against quantum threats, which proves that it is possible to protect digital financial infrastructures. The migration plan (the Sandwich Approach) proposed would enable seamless implementation of PQC with old systems throughout the transition process, such that the system remains stable and operational. Future work will involve optimization of PQC algorithms to minimize the performance overhead and look into Quantum Money and AI-based detection systems to detect cyber threats caused by quantum. This paper highlights the importance of urgent adoption of quantum-resistant systems to protect the future of national financial systems.

Murali Krishna Pasupuleti

Abstract: This study develops a public policy evaluation framework for quantum-safe cyber-defence in financial infrastructure, with emphasis on post-quantum cryptography, quantum communications and the governance of critical-sector resilience. The research addresses a strategic problem now facing central banks, payment operators, market infrastructures, commercial banks, fintech platforms and regulators: the public-key cryptographic foundations used for authentication, key establishment and digital trust will become exposed if a cryptographically relevant quantum computer emerges before high-value financial systems complete migration. The paper treats quantum risk not as a narrow algorithm replacement problem, but as a multi-layered policy challenge involving standards, operational continuity, procurement, vendor coordination, legal accountability, cyber-insurance, institutional capability and cross-border interoperability. The framework is grounded in real public evidence from standards bodies, cyber agencies and financial-system reports, including NIST post-quantum standards, NIST migration guidance, NCSC system-owner guidance, NSA post-quantum resources, BIS financial-system quantum-readiness work, BIS Project Leap and national quantum strategy evidence (NIST, 2023; NIST, 2024; BIS, 2025; OECD, 2025). The methodological contribution is a structured evaluation model that links cryptographic exposure, data longevity, systemic criticality, migration complexity and mitigation maturity into a risk-priority index. The results identify wholesale settlement, central counterparty clearing, securities settlement, cross-border financial messaging, certificate trust anchors and key-management services as the most urgent layers for cryptographic inventory, hybrid testing and staged transition. The analysis finds that post-quantum cryptography is the practical near-term route to scalable resilience, while quantum key distribution remains appropriate only for carefully bounded pilots unless cost, authentication and infrastructure dependencies are resolved. The paper concludes that quantum-safe financial infrastructure requires an integrated policy architecture built around cryptographic agility, real-time asset discovery, supervisory milestones, interoperable implementation testing, mathematically auditable decision rules and coordinated public-private transition governance. Keywords: post-quantum cryptography; quantum-safe finance; cyber-defence; financial infrastructure; public policy evaluation; quantum communications; critical infrastructure resilience; cryptographic agility; ML-KEM; ML-DSA; quantum readiness; payment systems

Manish Gangwar, Shruti Mantri, Avik Sarkar

한양대학교 박사과정, MyeongSu Choi, Chanyoung Eom +1 more

Mohibul Hoque

An independent policy analysis proposing a phased quantum-safe cryptography transition framework for India's banking and financial infrastructure.