Cryptographic Law Launches in China
On January 1, a law governing the management of cryptographic keys officially went into effect in China, according to China Money Network.
The law was passed by the Standing Committee of the National People’s Congress on October 26. According to its text, passwords are divided into three main categories: key, general and commercial..
It was previously noted that this is the first law to have a direct bearing on cryptography and private / public key management. According to observers, the new regulation may be one of the preparations for the launch of the national digital currency of the People’s Bank of China, which is under development..
“The 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 block transfer, “said Davy Wan, a partner of the Primitive fund in October..
The Chinese authorities will strictly regulate key passwords and intend to support companies whose activities are related to commercial passwords..
“To prevent the possibility of data corruption, you need to protect it with a password. The development of the blockchain cannot take place apart from the progress of cryptography technology, “the publication says..
In December, it became known that the People’s Bank of China will test its digital currency in Shenzhen with the participation of large banks and companies that play an important role in the country’s economy, including China Telecom. When the official launch of the Chinese national digital currency, the largest among its kind, will take place, the department does not report.
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