China passes it's first crypto law, to be effective Jan 2020

Less than 24hrs after China's president, Xi Jinping had a blockchain session and announced that he wants China to bear the leading name in blockchain, the 14th meeting of the standing committee of the 13th National People's Congress was held.

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In the meeting, cryptography was voted and passed into law, according to report on CCTV

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The cryptography is aimed at standardizing the application and management of passwords, promoting the development of the password business, ensuring network and information security, and improving the scientific, standardized and legalized level of password management. It is a comprehensive and basic law in the field of passwords in China.

The law is largely focused on government centralize password management which cryptocurrency or blockchain wasn't mentioned but it's been based on cryptography a key component in cryptocurrencies and blockchain technology.

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Posted from my blog with SteemPress : http://blockspill.com/china-passes-its-first-crypto-law-to-be-effective-jan-2020/

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