China will implement the cryptography law on January 1, 2020, a move that Japanese media say aims to nurture blockchain technology, the core technology of the digital age, and provide a legal basis for the issuance of digital renminbi based on blockchain technology. China passed a password law in October 2019 that divides passwords into core passwords, ordinary passwords and commercial passwords, the Japan Economic News reported on December 31, 2019. The Chinese government will strictly regulate core and common passwords and is committed to nurturing the industry in terms of commercial passwords.
Chinese Bank of China is preparing to issue the first digital currency in major countries, the digital renminbi. The move was seen as an attempt to reduce the workload of financial institutions and to strengthen financial oversight.
As the technology needed to issue digital currencies, China is likely to adopt blockchain technology. To prevent data from being tampered with, you need to protect each data with a password. The development of blockchain technology cannot be separated from the progress of cryptography technology.
Reported that after the adoption of the cryptography law, China’s leaders proposed to accelerate the development of blockchain technology. This is because the implementation of cryptography will lay the foundation for advancing blockchain technology and the issuance of digital currencies.
Reported that the Chinese government is stepping up efforts to crack down on password assets such as Bitcoin (virtual currency). As a target for blockchain applications, China is expected to regulate remittances abroad and the entire process from the origin of raw materials to manufacturing and circulation to prevent records from being altered.
Reported that the password law, the Chinese government is responsible for the development of national and industry password standards.