RATE Group | China passes cryptography laws, laying framework for a national digital currency – China…
67367
post-template-default,single,single-post,postid-67367,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

China passes cryptography laws, laying framework for a national digital currency – China…

03 Nov China passes cryptography laws, laying framework for a national digital currency – China…

Posted at 01:38h in Cryptocurrency News by

[ad_1]

Updated

October 30, 2019 17:57:00

A graphics image of the stars of the Chinese flag with a coin in the centre.
Photo:
There is no clear schedule for the rollout of the digital currency, but analysts say it will be soon. (ABC News: GX by Jarrod Fankhauser)

China’s National People’s Congress has passed a new cryptography law, despite cryptocurrencies like Bitcoin currently being banned in the country.

Key points:

  • China’s new cryptography law will come into effect next year
  • The digital currency is expected to be backed by China’s central bank
  • It will work alongside mobile payment platforms like Alipay and WeChat Pay

China has attempted to stamp out cryptocurrency trading in the past, but the latest move suggests Beijing may be making serious moves to establish a framework for digital finance, while opening the doors for increased research and innovation in blockchain technology.

And analysts believe one of…

[ad_2]

Source link

Tags:
, , , , , , , ,