{"id":3623,"date":"2019-10-26T16:02:05","date_gmt":"2019-10-26T16:02:05","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=3623"},"modified":"2019-10-26T16:21:50","modified_gmt":"2019-10-26T16:21:50","slug":"chinas-congress-passes-cryptography-law-effective-jan-1-2020","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/chinas-congress-passes-cryptography-law-effective-jan-1-2020\/","title":{"rendered":"China\u2019s Congress Passes Cryptography Law, Effective Jan. 1, 2020"},"content":{"rendered":"\n

The Standing Committee of the 13th National People\u2019s Congress in China has passed the cryptography law on Saturday and it will be effective on January 1, 2020, according to a Chinese media report<\/a>.<\/p>\n\n\n\n

The announcement came one day after Chinese President Xi Jinping\u2019s call on the country to seize opportunities<\/a> in blockchain technology.<\/p>\n\n\n\n

While China still bans cryptocurrency trading and its national digital currency is yet hatched, cryptography, as an integral underpinning of blockchain technology, could be key to the country\u2019s push to be more competitive in the blockchain space.<\/p>\n\n\n\n

Related:<\/strong> President Xi Says China Should \u2018Seize Opportunity\u2019 to Adopt Blockchain<\/a><\/p>\n\n\n\n

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\u2019s latest draft proposal<\/a> prior to approval.<\/p>\n\n\n\n

\"\"<\/a>
Earn $$$ from your mobile phone<\/figcaption><\/figure><\/div>\n\n\n\n

According to the proposal:<\/p>\n\n\n\n

\u201cClear guidelines and regulations are needed to evaluate commercial cryptography technologies used in the major fields related to the national interest as the current \u2018loose\u2019 system is not suitable for the industry anymore.\u201d<\/p><\/blockquote>\n\n\n\n

China\u2019s national congress said the new law will encourage research and development on commercial cryptography technologies, while building up an inclusive standardized regulatory system for the market.<\/p>\n\n\n\n

Related:<\/strong> Facebook\u2019s Marcus Says China Wins With Digital Renminbi if US Nixes Libra<\/a><\/p>\n\n\n\n

The Chinese congress released<\/a> a draft proposal for the new law in July, soliciting public comments.<\/p>\n\n\n\n

The proposal includes a range of issues from how compatible the industry standards should be with other international cryptography systems to whether companies should voluntarily verify their commercial use-cases with authorities.<\/p>\n\n\n\n

According to the Chinese congress, the new law will also encourage nationwide educational efforts, such as public exhibitions, to promote cryptography among government officials, companies and social groups.<\/p>\n\n\n\n

Source: <\/p>\n\n\n\n

\"\"\/<\/a><\/figure>\n\n\n\n

David PanCoindesk<\/a>October 26, 2019<\/p>\n\n\n\n

Chinese flag image via Shutterstock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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While China still bans cryptocurrency …<\/p>\n","protected":false},"author":1,"featured_media":3624,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[15],"tags":[],"aioseo_notices":[],"yoast_head":"\nChina\u2019s Congress Passes Cryptography Law, Effective Jan. 1, 2020 - AtoZcrypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/atozcrypto.org\/chinas-congress-passes-cryptography-law-effective-jan-1-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s Congress Passes Cryptography Law, Effective Jan. 1, 2020 - AtoZcrypto\" \/>\n<meta property=\"og:description\" content=\"The Standing Committee of the 13th National People\u2019s Congress in China has passed the cryptography law on Saturday and it will be effective on January 1, 2020, according to a Chinese media report. 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