- China has passed a Crypto Law
- This can be correlated with the planned launch of the Chinese stable coin, CBDC
- The Chinese President said last week that the country should accelerate the development of blockchain technology as a core for innovation.
Days after the President Xi Jinping announcement about the support for Blockchain technology, China passed its first-ever cryptography law, which would go into effect from Januar 1 of the next year. The proposed law aims to set standards for the application of cryptography and the management of passwords. Earlier, Chinese President Xi Jinping endorsed blockchain technology. The Chinese President said last week that the country should accelerate the development of blockchain technology as a core for innovation.
China’s central bank set up a research team in 2014 to explore launching its own digital currency to cut the costs of circulating traditional paper money and boost policymakers’ control of money supply.
The Law is aimed at “facilitating the development of the cryptography business and ensuring the security of cyberspace and information”, the official Xinhua news agency said, citing parliament.
Facebook CEO, Mark Zuckerberg during his testimony before lawmakers, warned that the USA might risk its role as the financial leader if they restrain innovation. Last week Chinese President Xi Jinping endorsed blockchain technology as he urged the country to accelerate its adoption and assume the role of leadership in this field.