[size=36]China adopts new law regulating encryption in preparation for introduction of its currency[/size]
The law requires that all state secrets be stored and transmitted using "basic and shared" encryption, and organizations working in the encryption field must establish "management systems" to ensure the security of such encryption. Any trade secrets they receive will remain confidential.
The new Chinese measure will allow and encourage commercial development and encryption uses, but on the other hand, people who fail to report security risks they discover or provide "unverified" encryption systems will be punished.
The law coincides with China's willingness to launch its own cryptocurrency, state media reported late on Saturday. The Chinese central bank set up a research team in 2014 to explore the launch of its cryptocurrency to reduce traditional paper money trading costs and strengthen policymakers' control. On the money supply.
A senior central bank official said last month that the new cryptocurrency proposed by China would resemble some other currencies such as Libra, which could be used via major payment platforms such as WeChat and Alipay.