A local news outlet CCT reports that the National People Congress of China has passed a crypto Law.
The cryptography law is passed on 26th Oct during the 14th meeting of the Standing Committee by the Chinese National People’s Congress. According to the report, the crypto law will be in effect on Jan 2020.
Aim of Cryptography Law
According to the report of the local news outlet, this new Chinese crypto law will aim at standardizing the application of cryptography and management of passwords.
Apart from this, it will also help to promote the development of the password industry. The cryptography law will improve and boost the different levels of password management such as scientific, standardized, and legalized level.
This news was also shared on twitter by Dovey Wan who is the founding partner of Primitive Crypto.
Last piece of China BREAKING News before bedtime –
This time is DEFINITELY CRYPTO 💥💥💥
A "Crypto Law" just passed by the National People's Congress… https://t.co/l6RX8Ivxnv
🧐🧐it's hard not to belive all these are not paving the path for Digital RMB .. more reads below pic.twitter.com/x2FbskD3nk
— Dovey Wan 🗝 🦖 (@DoveyWan) October 26, 2019
Dovey Wan says that this is the initial step by the Chinese government towards its national Central Bank Digital Currency (CBDC).
She then explained that the main focus of the crypto law is on the development of cryptography. While commenting on the crypto law, she further stated:
The key take away is — the developing of new cryptography, hashing algo, even the usage of the tech, will be in the official legal realm. This means you need to follow the CCP standard for all ‘encrypted’ behaviors, which can be VERY broad, from mining to block propagation.
China’s focus to become a Global leader in Blockchain Technology
The president of China Xi Jinping has recently made an announcement in which he says that the main focus of China is on becoming the global leader in the field of Blockchain technology. President Xi says that we aim to accelerate the blockchain technology in our country.
In the announcement he says:
We must take the blockchain as an important breakthrough for independent innovation of core technologies. [We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.
China is rapidly adopting the blockchain technology and is developing day by day in this field. The Chinese government aims to leave the United States behind in the field of blockchain technology.
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