China passes Cryptocurrency laws, Bitcoin prices rise

The 13th National People's Congress of the People's Republic of China passed a new law governing cryptography on October 26, 2019, the law will take effect on January 1, 2020, according to local CCTV.

According to the report, the regulatory framework aims to set a standard for cryptographic application and password management. The new regulatory framework also establishes the role of a central cryptographic institution that is intended to lead public cryptographic work, create guidelines and policies for related industries.

This draft law was actually published on May 7, 2019. The draft law centers around unified government secret word the executives and doesn't unequivocally make reference to digital currency, in spite of the fact that it centers around cryptography, the key parts fundamental digital money are in reality Bitcoin.

Is This the Beginning of China's National Crypto Development?

The law builds a foundation for China's planned national cryptocurrency, although there is no official launch schedule yet, an official in the Chinese state confirmed in September.

Plus yesterday Chinese President Xi Jinping has called for China to accelerate the adoption of blockchain technology.

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