On the eve of the representatives of the Standing Committee of the 13th National People’s Congress in China adopted the law "On Cryptography" – it will enter into force on January 1, 2020.
The new law is aimed at solving regulatory and legal problems that appear in commercial cryptography scenarios, which are increasingly strengthening their positions in China. The new law is aimed at stimulating research and development in the field of technologies that are used to develop commercial cryptography, at the same time, a regulatory system for this industry will be formed. In addition, the law will enhance the development of educational events – for example, public exhibitions aimed at teaching cryptography to officials, various companies, and social groups.
Recall that a few days ago, Xi Jinping, head of the PRC, called on the country to accelerate the implementation of blockchain technologies. He called innovative technologies the main factor contributing to the transformation of industry, finance. Xi Jinping said that China should determine the main areas where the blockchain will be used, and also allocate a budget for the implementation of all ideas. He believes that a country can become a leader in the field of innovative technologies if it uses blockchain not only in the financial industry, but also for the development of artificial intelligence, the Internet of things, big data.
At the same time, the country still prohibits crypto trading, and the national currency is still under development.