China's Congress Passes Cryptography Law To Be Effective From Jan. 1, 2020
China has passed a new cryptography law regulating how the technology will be used by the government, businesses and private citizens, will be effective from English New Year 2020
China's top legislature has passed a new law on cryptography, the technology that provides secure computer communications. The move comes as the country prepares to issue its own digital currency.
The state-run Xinhua news agency said the Standing Committee of the National People's Congress approved the legislation on Saturday.
The law will take effect in January. It aims to enable the development of the cryptography business and ensure the security of cyberspace and information.
China's central bank formed a research team in 2014 to study launching its own cryptocurrency.
Experts say the digital money would share some characteristics with Facebook's proposed Libra payment system and transactions would initially be possible on major Chinese payment platforms.
Chinese President Xi Jinping said last week the country should speed up the development of blockchain technology.