China Passes Cryptography Law to Commercialize Blockchain

As we reported yesterday, China seems to take farther steps ahead in the blockchain and cryptocurrency world, despite being involved in a trade face-off with the United States of America.

News portal, The Merkle reported that the recently approved cryptography law will aim to promote the use of blockchain technology in China. The news report further said that the technology can be used in numerous ways such as digitization, record keeping, and so forth.

The law said, “The 14th meeting of the Standing Committee of the 13th National People’s Congress voted on the afternoon of the 26th to pass the cryptography, which will take effect on January 1, 2020. The cryptography is aimed at standardizing the application and management of passwords, promoting the development of the password business, ensuring network and information security, and improving the scientific, standardized and legalized level of password management. It is a comprehensive and basic law in the field of passwords in China.”

On Saturday, Crypto Dost had reported that Pomp, the founder of Morgan Creek Digital said, “Someone tell President @realDonaldTrump that there are only 21 million Bitcoin and China is planning to buy them all. This is going to be the real US – China competition. That should get him to pay attention. The guy hates losing and will try to buy them all.”

Countering Pomp, one user said, China was past the planning stage. The user dai, “Planning? China already controls most of the mining. And more then likely they own most of bitcoin. USA should invest in USA company  @Ripple and use $xrp that is 1500 times faster and cheaper. Not to mention 1500 transactions per second.  @realDonaldTrump #XRPcommunity.”

As we observed yesterday that the US has shown its fear and reluctance to accept bitcoin and the crackdown on Facebook’s Libra is proof of it. However, China, has moved past its initial distrust of bitcoin and blockchain technology , and has already taken steps towards, accepting bitcoin.

Image: File photo