2035 is the deadline for post-quantum cryptography migration… what that?

2035 sounds like a long way off, but apparently it’s the primary deadline for the world to migrate to post-quantum cryptography (PQC). I just read about it, and now I’m wondering—what exactly does this mean for the average person?

From what I gathered, the idea is that by 2035, quantum computers could be strong enough to break today’s encryption (RSA, ECC, etc.). So governments, banks, and big companies need to switch over to “quantum-safe” algorithms before that date. Otherwise, everything from our medical records to financial data could be exposed.

What confuses me is:

• Does this deadline apply globally, or is it mainly a U.S./EU thing right now?
• Are companies actually working on this migration, or will it be a last-minute panic?
• For normal users, will this be like the Y2K moment where everyone freaks out, or will we not even notice the change?
• Also, how realistic is 2035? Could quantum computers break encryption earlier than that, making the deadline useless?

I’m curious if anyone here works in cybersecurity or blockchain—how serious is this 2035 PQC deadline really? Should regular people care now, or is this more of a “big institutions need to get their act together” type of situation?