On Saturday, Chinese authorities implemented a cryptography law. According to the country’s media, the law will come into force on January 1, 2020.
The announcement followed the Chinese President’s call for taking advantage of blockchain in the country.
Cryptocurrency trading is still forbidden in China but introducing a cryptography law could help the country to become more competitive in the blockchain field.
According to the law’s project proposal, its aim is to cope with possible legal loopholes in commercial cryptography since it is an issue of extreme importance in developing the country’s economy.
The proposal states that regulatory and procedural guidelines are needed in order to assess commercial cryptography technologies that are utilized in a number of important national fields since the existing system is not appropriate for the field any longer.
The country’s authorities claimed that the new law would promote conducting the new researches regarding blockchain and would create a necessary regulatory system for the market.
As mentioned earlier, China commended Cambodia and the Philippines’s efforts in coping with gambling and highlighted the importance of anti-gambling policy.