June 18, 2024

China approved the country's first cryptography law

The Standing Committee of the National People's Congress (NPC) adopted the first in the history of the countryThe cryptography law, which will enter into force on January 1, 2020.

New regulations establishcryptographic standards and determine the use of encryption tools. The development of guidelines for the use of cryptographic encryption will be undertaken by the Central Agency for Cryptography under the leadership of the Chinese Communist Party.

This is the first law directlyRelation to cryptography, key management and hashing algorithms. It can be widely used in all areas related to encryption: from mining to distribution of blocks. At the same time, the law does not mention decentralized and state cryptocurrencies.

The text of the bill was published by ChineseMedia in early May, but the law was adopted by the authorities only now. Experts believe that the adoption of the Cryptography Law is a prerequisite for the early launch of the Central Bank of China's own digital currency.

The other day, the head of the People's Republic of China XiXi Jinping called for speeding up the implementation of blockchain in the country, and last year, the Chinese Communist Party issued a blockchain guide for employees of government organizations in order to increase their literacy in the field of latest technologies.