Cryptocurrency Law From China

Chinese local news sources told CCTV, 13th Standing Committee of the People’s Congress of China, On October 26, a new law was passed including legislation on cryptography technology; the law will take effect on January 1, 2020.

According to CCTV, the content of the legislation: it sets new standards for crypto applications and password management. Within the framework of the new legislation, the role of a central agency that will lead the public cryptography sector and form sectoral policies is determined.

The draft law was published on May,7,2019 While the text usually focuses on government-centric password management and seems to refer to cryptocurrencies, the focus is on cryptography at the core of cryptocurrencies, such as Bitcoin.

‘’Wan said in a statement: key point is that; develop new cryptography and hash algorithm, or even use technology, will be in the official legal area. So for all “encrypted” transactions, you will have to comply with the CCP standards, which is a very broad concept, from mining to block spreading.’’

These developments in preparation for China’s crypto money!

Wan ultimately said this law laid the foundation for the upcoming national cryptocurrency for China, but he did not specify an exact date for the cryptocurrency.