China’s Congress has just passed a ‘cryptography law’ on Saturday that will be effective on January 1, 2020. According to the draft proposal, the new law is aimed at securing products, technologies or services information through the use of encryption and cryptography.
According to the Chinese national congress, the new law will also encourage the development of the commercial encryption industry, promote the development of other types of encryption, safeguard network and information security and protect data security rights of companies or people.
This announcement came right after the Chinese President Xi Jinping said that China should take advantage of the blockchain technology and its applications. Xi stated that the technology offers a wide range of applications and that they should focus on a few technologies and accelerate the development of blockchain technology.
These two announcements seem to have affected Bitcoin as the digital currency just experienced a huge bull move, breaking above $10,000, although it’s currently trading around $9,200. Read More...