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“The law on cryptography” in China

FXcoins - “The law on cryptography” in China

For anybody not a secret that China's policy aims to outpace the United States in all spheres, and the new law only confirms it. The national people's Congress of China have set a new state law on the development of cryptocurrency, which sounds like “the Law on cryptography”. This law will take effect from January 1, 2020.


On the official website of the government indicated that this provision was introduced in order “to standardize the application and password management, to promote business development for managing passwords and to ensure network security and information”.


Many experts believe that the law was adopted primarily to adjust digital of the Renminbi, the production of which is expected in the near future. Aside from the comment was left and Davie van, which is a partner-founder of Primitive Ventures. In an interview with the BlockTV she has clearly indicated that the government of China considers an integral part of the blockchain of Bitcoin.


In China a highly developed social policy. After China's President XI Jinping said that the country is committed to world leadership in the field of blockchain, the number of requests for the word “Bitcoin” has increased significantly (information provided by the popular local search engine Baidu).


For the basic functionality of the operating principles and adjustment of turnover of the cryptocurrency will meet Communist party of China. Crypto-innovation, cryptographic research, technology public/private keys is all that implies, regulates and funds a new bill.


After the introduction of the bill, any Chinese captainvalor, cryptocurrency or blockchain the company falls under the control of the Communist party of China. This means that all those involved in the cryptocurrency will be regulated and adhere to government standards.


After the United States had a conflict with mark Zuckerberg (referring to congressional hearings on the case of the Libra project), Zuckerberg said that if the US government will not allow the company Facebook to produce a universal digital currency, it will make China - and failed. The next day XI Jinping has announced that China intends to become a leader in the field of blockchain technology.

28 October 2019

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