Jan 30, 2020 20:38 UTC
Jan 30, 2020 at 20:38 UTC
China’s new law on Cryptography, much more than the law?
The crypto space in China is on a very fast trail to make things regular with the country’s economy. The country’s plan to strategize and monetize e-yuan on the primary hitlist, the laws that govern the same were also strategized and released. ‘
The laws that came into effect at the start of this new year will be the cornerstone on which the crypto space of china will be built upon.
The Chinese released these laws to mainly implement the cryptography process at a much larger scale in their economy. This will regularise the blockchain space much more effectively.
What do the Chinese have in mind?
The Chinese really want to get the grasp over the crypto-space for which they will have to definitely have to improve their hold over cryptography.
There are many aspects on which the law stands for and of that, the key parameters include regulation of the crypto-currency, increase the security featurettes that will enable safe transactions and withdrawals and also promote the research into the field of cryptography.
One of the biggest points that are strict to be followed according to the law is that when one transfers confidential documents or information, they must do the same using the cryptography methodology to ensure safety and security.
The Chinese have also other impending laws that will soon be added to the cause leading to more definite and accurate decisions while it comes to governing digital assets with cryptography. The Chinese are also planning to enable the implementation of the law in private and commercial trade as well. But there are few bottlenecks which they will have to clear. One of the biggest concerns that worry the government is that they will have to provide security as well as safeguard the privacy of all those who are trading using cryptocurrency but in the meantime also identify the users to distinguish terrorists from the common people.
The Road map;
The Chinese laws on cryptography is not a one-night wonder show, but a meticulous effort of many fin-tech experts to put the ideal practice of law in the crypto space in place.
The Chinese president Xi Jinping is eagerly promoting the growth of the technology and is wanting to implement more of the technology usage into the financial stream of the company.
However, if China succeed in keeping the laws intact and implementing them accurately, it could slowly pave the way for them to bag the number one spot in the crypto space in the world.