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- China is continuing its anti-anonymity course with the new Cryptography Law.
- The bill was passed by China on 26th October, by the standing committee of the 13th National People’s Congress in China.
- There had also been rumours in the context of the same law enforced, that the regulation had been paving the way for the CBDC.
Laws not meant to be broken for they intended to safeguard our general safety. Similarly, the laws of cryptography, the key power of cryptocurrencies, is being updated continuously for providing the best of security to its users.
Such a law which has recently gained its momentum in China is the one which allows the management of passwords. The law is said to be not about cryptocurrency, but the cryptography and that is why it did not get affected by the ban of Bitcoin.
A recent tweet from Weiss crypto ratings said:
“China is continuing its anti-anonymity course with the new Cryptography Law — it requires private firms to reveal their #encryption services and more. Encryption with a back door is no encryption at all. “
Weiss crypto ratings provide with unbiased, trusted and independent evaluations of Financial institutions, ETFs, Mutual Funds, Cryptocurrencies and Stocks.
The new law which came into view, outlines three separate kinds of encryption. These include the laws related to passwords into three levels- the core, standard and commercial.
The Core passwords, along with Common passwords used to secure data, compared to the state while the private members and business groups could use those passwords of the commercial kind. The bill was passed by China on 26th October, by the standing committee of the 13th National People’s Congress in China.
There had also been rumours in the context of the same law enforced, that the regulation had been paving the way for the CBDC or China’s Central bank Digital Currency, something which wasn’t confirmed by the authorities themselves. Also, after this law, private firms are too tensed regarding their data anonymity.
Thus finally coming to an end, it wouldn’t be wrong to say that the technology not only helps to keep the data secure but also it helps the private information of the organization.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
