China has been on top bulletins for some time now – first the country proposed a plan to launch its own cryptocurrency, then the country’s president recently announced China should be leading the blockchain wave and interestingly the country broke out the announcement of the cryptography law on October 26, 2019.

As per the crypto influencer, Dovey Wan who often shares quick updates related to China’s stance on cryptocurrency – the country’s National People Congress has passed the “cryptography law”. Although, China hasn’t specifically mentioned “Cryptocurrency”, “Bitcoin” or “Blockchain” in its announcement it looks like the company is majorly focusing on “standardizing the application and management of passwords”.

Per the report, the 14th meeting of the Standing Committee of the 13th National People’s Congress voted to pass cryptography on October 26. Nevertheless, the laws will be effective on January 1, 2020. According to the post, the laws are “specifically in the field of passwords in China”.

The cryptography 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 seems that the information shared is the formal version of the report but the final version is yet to roll out. Notably, the report discussed more about the password and encryption, Dovey Wan asserts that this is the first-ever law in China focused on the cryptography, private/public key management and infuse related matters.

Prior to this report, Chinese President Xi Jinping urged that China should take the leading position in blockchain technology. On October 24, Xi during the study session on blockchain technology told that the country’s communist party should commit to “accelerating the development of the technology”. With China’s continuous involvement in the crypto-blockchain industry, the latest report on cryptography law appears that the country wants to build a legal foundation for the upcoming digital RMB.

Image source – Shutterstock

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