Last piece of China BREAKING News before bedtime -
This time is DEFINITELY CRYPTO 💥💥💥
A "Crypto Law" just passed by the National People's Congress...
m.news.cctv.com/2019/10/26/ART…
🧐🧐it's hard not to belive all these are not paving the path for Digital RMB .. more reads below
This time is DEFINITELY CRYPTO 💥💥💥
A "Crypto Law" just passed by the National People's Congress...
m.news.cctv.com/2019/10/26/ART…
🧐🧐it's hard not to belive all these are not paving the path for Digital RMB .. more reads below
The National People's Congress just passed "密码法" - "The cryptography Law", which will take effect on January 1, 2020. By looking a the news it seems like the law is aimed at "standardizing the cryptographic application and management of passwords"
did a quick research on the draft version below as the formal version is not out yet (just got a push of the quick news update)
secrss.com/articles/11963
secrss.com/articles/11963
Highlights
1/ Adhere to the leadership of CCP, the central cryptographic agency will have unified leadership over the national cryptography work, formulates key guidelines and policies for national cryptography, coordinates and coordinates major national security task
1/ Adhere to the leadership of CCP, the central cryptographic agency will have unified leadership over the national cryptography work, formulates key guidelines and policies for national cryptography, coordinates and coordinates major national security task
2/ State department encourages and supports the research cryptography, protects the intellectual property rights of related technology according to law, and promotes the progress and innovation of cryptography and public/private key technology
3/No organization or individual may steal other people's encrypted information, illegally invade other people's password protection system, or to engage in activities that endanger national security, social public interests
4/ It's a pretty long legal doc and will take a look again tmr morning. Overall it's the first law specific abt cryptography, private/public key management and infosec related matters. Maybe more close to the ENCRYPT Act and Secure Data Act from US
5/ the key take away is - the developing of new cryptography, hashing algo, even the usage of the tech, will be in the official legal realm
This means you need to follow the CCP standard for all "encrypted" behaviors, which can be VERY broad, from mining to block propagation..
This means you need to follow the CCP standard for all "encrypted" behaviors, which can be VERY broad, from mining to block propagation..
AGAIN, all of these I think is building narratives, gaining mindshare, pushing out the political and legal foundation for the upcoming digital RMB, which will roll out by the end of this year or early next year.
THE RACE IS ON
THE RACE IS ON
to understand any Chinese legislation and regulatory update, you need to know the actual agency/power structure behind it
The state agency behind this is oscca.gov.cn
China Office of State Cryptography Administration
The state agency behind this is oscca.gov.cn
China Office of State Cryptography Administration
