August 5, 2021

China has approved a law on the standardization of the use of funds …

China approves a law on the standardization of the use of cryptography

The National People’s Congress has approved the Cryptography Law, which formalizes the use of encryption. Writes about this partner of the Primitive Foundation Davi Wang with reference to the official media.

China approves the law on the standardization of the use of cryptographic ...

China approves the law on the standardization of the use of cryptographic ...

According to observers, the new regulation may be one of the preparatory measures for the launch of the national digital currency of the People’s Bank of China, which is under development. The law comes into force on January 1, 2020.

China approves the law on the standardization of the use of cryptographic ...

Wang cites several excerpts from the document. For example, the Central Cryptography Agency under the leadership of the Chinese Communist Party (CCP) will develop fundamental policies for the application of cryptography and will coordinate efforts to address important national security issues. The Office will encourage and support research in cryptography, protect intellectual property rights, and promote the development of public / private key technology.

“Overall, this is the first law to have a direct bearing on cryptography and private / public key management,” Wang writes. – Development of new cryptography, hashing algorithm and even the use of technology will be in the official legal field. This means that you have to comply with the PDA standards in all “encrypted” behaviors, which can be interpreted very broadly: from mining to transferring blocks “.

While there is no direct mention of cryptocurrencies, both decentralized and government-owned, in the law, Wang believes that, among other things, it aims to prepare for the launch of the digital yuan later this year or early next year..

China approves the law on the standardization of the use of cryptographic ...

Earlier this week, Chinese leader Xi Jinping spoke about the need to develop blockchain initiatives, highlighting a number of areas where the technology can be successfully applied to address current challenges..

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