China’s National People’s Congress passes ‘cryptography law’ after blockchain announcement
China is taking great strides towards staying ahead of the United States in the emerging field of fintech, blockchain, and cryptocurrency. President Xi Jinping made news yesterday after he announced that China is focused on becoming the world leader in blockchain technology. Just a day after the same, the country’s National People’s Congress has passed ‘The Cryptography Law,’ a law which is set to be effective from January 1, 2020.
The Cryptography law is aimed at “standardizing the application and management of passwords, promoting the development of the password business, ensuring network and information security, and improving the scientific, standardized and legalized level of password management.” It is a comprehensive law in the field of passwords in China,” reported a local daily.
And while the law itself is cryptography-oriented, many believe that the passage of the same is yet another step towards China launching its Digital RMB, a development which will be at the center of China’s financial ecosystem, especially since this development comes a day after President’s Blockchain announcement.
Dovey Wan, Founding Partner at Primitive Ventures, was the one who first broke the news online. She tweeted,
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
Story is being updated….
OhNoCrypto
via https://www.ohnocrypto.com
Prashant Jha, Khareem Sudlow