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Crypto

China passes Cryptography Law for 2020

China passes Cryptography Law for 2020

13th National People’s Congress in china voted in the afternoon of the 26th to adopt cryptography law in the 14th meeting of the Standing Committee, which will enter into force on January 1, 2020.

October 28, 2019, | AtoZ Markets The highest legislature in China voted on Saturday to adopt a national law on cryptography. Legislators approved the proposal at the closing meeting of a bi-monthly session of the Standing Committee of the National People’s Congress (NPC), which began Monday after a second review. The law will be effective on January 1, 2020.

The law was necessary to regulate the use and management of cryptography, facilitate the development of cryptographic activity. And it ensures the security of cyberspace and information following the NPC Constitution and Law Committee.

By law, the state encourages and supports the research and application of science and technology in cryptography. And it protects intellectual property rights in cryptography.

The law emphasizes training of talent in cryptography and says that those who have outstanding contributions in work on cryptography can be awarded.

Cryptography is necessary to the country’s push

The announcement occurred one day after Chinese President Xi Jinping called on the country to seize the opportunities of blockchain technology.

China still bans cryptocurrency trading and its national digital currency, which is not yet produced. However, cryptography is a necessary foundation of blockchain technology. And it could be vital to the country’s push to be more competitive in blockchain space.

The new law aims to tackle the new regulatory and legal challenges in the use of commercial cryptography as they play an increasingly important role in the development of the Chinese economy, according to the latest draft proposal of the law before approval.

China’s national congress said the new law would encourage research and development on commercial cryptography technologies. Also, building of a standardized regulatory system is inclusive of the market.

The Chinese Congress issued a draft proposal for the new law in July, soliciting public comment.

The proposal includes a range of issues varying from the compatibility of industry standards with other international cryptography systems. That is to the question of whether companies should voluntarily check their cases of commercial use with the authorities.

According to the Chinese Congress, the new law will additionally encourage nationwide educational purposes. They are such as public exhibitions, to promote cryptography among government officials, businesses, and social groups.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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