In China for the first time adopted a law on bitcoin

October 26, the Chinese government adopted a new law on the regulation of cryptocurrencies. It is anticipated that it will enter into force from January 1, 2020 — this information came from the local news Agency CCTV. New regulations aimed at establishing standards for the use of cryptocurrency. The bill also establishes the role of the Central cryptographic Agency that will be responsible for public work Cryptoprotected and work policy in the industry. Simply put, to shape the future of the niche.

Indirect regulation of cryptocurrencies

The draft law was published on Chinese news edition 7 may. The text mainly focuses on cryptography and centralized state management of passwords, and about cryptocurrency it doesn’t say openly. However, it mentions Bitcoin as a key component of the existing cryptocracy.

Source: 2Биткоина

The key point is to develop new methods to ensure confidentiality, the hash algorithm and even applications of technology that will fall under the existing official legal norms. This means that you need to meet state standards for all “encrypted” elements that can vary greatly — from mining to distribution blocks.

Time to prepare for the Chinese national cryptocurrency?

In light of recent news, the impression is that it is high time to prepare for the launch of the official cryptocurrency from the Chinese government. However, in September reported one unnamed Chinese official, so far there is no data on the possible date of launch of the project.

Read on: China is ready to launch a national cryptocurrency. Is it good or bad?

Yesterday we wrote that the Chinese President XI Jinping urged the country to accelerate the implementation of blockchain technology. Just a few hours after the news’s largest Bitcoin increased in price by at least 33 per cent. The current rate of coins can be found in our classroom ranking of cryptocurrencies.

China is very quickly move to launch its own national cryptocurrency. We can continue to sit here and consider the United States the leader in everything. But it is not always, if we don’t innovate in the financial industry.

Meanwhile, this week, mark Zuckerberg of Facebook warned that Chinese superiority in space of digital currencies could threaten the dominance of the US dollar. So he kind of hinted at the fact that it is not necessary to restrict its planned launch stablon Libra. Most likely, given the clear evidence of a threat from China the position of congressmen will change. While the rhetoric of some of them sounds at least funny.

It seems that the end of this year will be fun. The US and other countries need to join the race of development of the blockchain, or win the fight with China will not work. I hope this will affect the popularity of existing cryptocurrencies. As we found out today that the statement of the President of China, XI Jinping, has increased the popularity of the query "blockchain" in the search engine Baidu on 1300 percent in just one day. Bitcoin also received a lot of attention.

In our cryptodata of hontarov you will find lots of other useful information. Look at the discussion.

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