China passes cryptography law

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Beijing has taken further steps to secure leadership in FinTech, blockchain and cryptocurrency. The country’s new legislation paves the way for a state-issued digital currency.

China’s National People’s Congress has passed the Cryptography Law, which is set to enter into force on January 1, 2020. The legislation, passed on October 26, comes one day after President Xi Jinping announced plans to make China the world leader in blockchain technology. The Cryptography Law seeks to standardize application and management of passwords, ensure network and information security and improve the scientific, standardized and legalized level of password management.

The bill also encourages cryptography research aimed at promoting cryptographic innovations and key technologies. It also promises to curb illegal invasion of encrypted data that could threaten national security or public interests. After the new law comes into effect, all cryptographic development projects, the hashing of algorithms and other usage of blockchain technology will fall under the jurisdiction of the Beijing government.

Some observers have suggested that the law is intended to pave the way for Beijing’s planned digital national currency, the renminbi or yuan.

(Source: AMBCrypto)

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