The Chinese government standing committee at 12th national People’s Congress has passed new laws to regulate cryptography and thus in extension the development of cryptocurrency and blockchain in the country. The move comes after a broader nationwide move to understand and develop skill sets needed for the development and propagation of new technologies including cryptography, which is the tech behind the creation and propagation of cryptocurrencies.
According to local news outlet CCTV, the new law will be enforced at the start of the next calendar year on January 1, 2020. The law will recognize the formation of a new regulatory framework for a new centralized cryptography institute and this institute will lead to increased public awareness for cryptographic work. It will also help legalize and regulate the industry as well.
While the law is exceptionally careful not to mention cryptocurrencies, it is clear that China is banking on a central cryptography institute to help develop cryptography technologies to develop centralized password management and eventually lead to a national cryptocurrency. Cryptocurrencies are currently completely banned by the Chinese government and only a small number of cities have access to the industry if any at all.
There is no official timetable for the launch of the cryptocurrency but as of now, the increased Chinese interest on blockchain technology is spearheading renewed interest in the industry which had cooled down a bit in the recent months.
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