The standing committee of the National people’s congress in China adopted the new regulation was established in the area of cryptography. The new rules are going to be in at the start of 2020, reported local news site dedicated to VIDEO.
Contents
Framework
The new law, the standards in the field of cryptography and the management of the passwords in the right direction to lead the country. There will be a special cryptography in the division, and that the leadership and the guidance need to give you.
This new division should provide guidance to device work, and guidance and create policies to make it in this industry.
The rules
Bitcoin is not explicitly mentioned in the legislation, however, cryptography has been an important part of the largest cryptomunt. Not for nothing that it bears the same name.
The new law is primarily focused on the wachtwoordmanagement of the government and the bank. The development of a new, asymmetric cryptography, hash algorithms, and the use of it is now officially under the control of the state.
Road
In this way, China has clear rules that have to be paid if you are in the country on the course it wants to cryptography, and, for example, the mining of bitcoin. Also, in the area of cryptography in the subject will soon be standard.
It is not clear what effect this will have on the bitcoiners and miners are located in China. However, you can use it to sneak to assume that the regime will not be very excited to be a decentralized alternative to traditional currencies.
At the same time, in the country, this is to make way for the launch of their digital currency. On this coin. The President, Xi Jinping, gave, yesterday, to the full, to be put on the ‘blockchain’, and thus that he, probably with the name central networks, and, for example, stablecoins.
Bitcoin
Leaders like Jinping, will never say out loud but it seems that bitcoin will want to copy to a new digital currency. The planned digital currency, however, can’t be compared to the greatest cryptomunt.
It’s missing a number of key issues: it is not an open network, it is not unbounded, is not neutral, but are against censorship.
In short, China seems to be the conflict with the united states and the dollar to go but up for BTC, but this is not a threat. In fact, it may be, for bitcoin, however, that there are multiple ways to get to the legs of the world reserve currency (the u.s. dollar) will be cut.
Source: Cointelegraph
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