China is pulling ahead of the rest of the world – especially the United States, in the emerging field of fintech, blockchain, and cryptocurrency. President Xi Jinping made news yesterday after he announced that China is focused on becoming the world leader in blockchain technology. Just a day after the same, Chinese News Outlet CCTV has reported that the country’s National People’s Congress has passed ‘The Cryptography Law,’ a law which is set to be effective from January 1, 2020.
The new regulatory framework passed on October 26, establishes the role of a central cryptographic agency meant to lead public cryptographic work, creating guidelines and policies for the industry. As reported by CCTV, The Cryptography law 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 is a comprehensive law in the field of passwords in China,” reported a local daily.
Since the ICO boom and an increased criminal activity level in the crypto world, China banned all cryptocurrency activities within its jurisdiction. Now, things seem to be changing. The official statement highlights that the new law might create the foundation for the upcoming Chinese national cryptocurrency. Nonetheless, one Chinese official confirmed that there is no official timetable for the launch of this token.
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