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Sunday, October 27, 2019

China Passes Cryptography Law

Broad implications unclear, especially how it might relate to Blockchain or other uses of cryptography that relate to regulatory access.  Apparently quotes the Chinese president promoting blockchain.

China’s Congress Passes Cryptography Law, Effective Jan. 1, 2020 In Coindesk

The Standing Committee of the 13th National People’s Congress in China passed a cryptography law on Saturday that will be effective on January 1, 2020, according to a Chinese media report.

The announcement came one day after Chinese President Xi Jinping called on the country to seize opportunities in blockchain technology.

While China still bans cryptocurrency trading and its national digital currency is not yet hatched, cryptography, as an integral underpinning of blockchain technology, could be key to the country’s push to be more competitive in the blockchain space.

The new law aims to tackle emerging regulatory and legal challenges in commercial cryptography use-cases as they play an increasingly important role in developing the Chinese economy, according to the law’s latest draft proposal prior to approval.

According to the proposal:

“Clear guidelines and regulations are needed to evaluate commercial cryptography technologies used in the major fields related to the national interest as the current ‘loose’ system is not suitable for the industry anymore.”  .... " 

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