Spain and Portugal coordinate post-quantum cryptography migration
Banco de España and Banco de Portugal signed a post-quantum cryptography cooperation agreement in Lisbon, they said on October 23, 2026. Governors José Luis Escrivá and Álvaro Santos Pereira attended their third high-level meeting of the year.
Three phases for quantum resilience
The memorandum commits both central banks to a cooperation program addressing cybersecurity and financial stability risks from quantum computing.
They warn that uncoordinated migration to quantum-resistant technologies can create systemic risks requiring joint examination by financial institutions and supervisors.
Shared providers, market infrastructures and interoperability dependencies also favor coordinated action.
Phase one covers information, good practices and common methodologies.
Phase two may assess shared dependencies, ecosystem readiness and migration priorities.
Phase three may include testing, interoperability assessments and emerging technology analysis.
A planned industry working group will support phases two and three.
Both delegations join the effort
Alongside the governors, Spain's delegation included Deputy Governor Soledad Núñez, Mayte Ledo, Mercedes Olano, David López Salido, Daniel Pérez Cid and Alberto Ríos.
Portugal's participants included Deputy Governor Clara Raposo, board members Rui Pinto and Luís Morais Sarmento, Ricardo Mourinho Félix, Ana Venâncio, Susana Barbosa, João Freitas, Gonçalo Castilho and Tereza Cavaco.
Senior executives from major financial institutions in both countries also met the central banks and received a presentation of the post-quantum cooperation program.
Cooperation beyond cryptography
The financial sector session also covered competitiveness and artificial intelligence risks and opportunities.
Bilateral meetings addressed macroprudential issues and financial stability.
An Iberian integration seminar featured the joint occasional paper “Perspectives on the Iberian Economic Integration.”