Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

China Regulates Cryptography. The New Law Comes Into Force In 2020.

3 min reading

On October 26, the Chinese Congress passed a cryptography law, which is supposed to come into force on the 1st of January, 2020. What changes in the field of blockchain and cryptocurrency technology can we expect in this country?

On Saturday, according to the Chinese report, the National People's Congress in China passed the cryptography law that is expected to be effective from next year. Interestingly, the announcement came just after the Chinese president advocated for the use of the potential of blockchain technology in the country. Maybe China felt threatened because of recent debates that took place in the US Congress during the interrogation of Mark Zuckerberg. Facebook's CEO has repeatedly stressed that Libra can become an effective weapon in the fight against China, after all, as the country strives to introduce its own digital currency. Although the trade in cryptocurrencies in this country is still banned, we can say that the efforts to increase competitiveness in the blockchain sphere are becoming more and more visible there.


What will the law bring?

As the National Congress of China claim, the newly enacted law will encourage both research and the development of commercial cryptographic solutions. It will build a comprehensive regulatory system for the market. Because of the fact that commercial solutions of cryptography play an increasingly important role in the development of the Chinese economy, this sector needs clear guidelines and regulations. It was stated as well, that the current loose system is no longer suitable for this industry. According to Congress, the new law will encourage, above all, nationwide educational efforts to promote cryptography among government officials, companies and whole society.


Is blockchain an opportunity for China?

President of the People's Republic of China, Xi Jiping, believes that the country should take an advantage of the opportunity offered by blokchain. He stated that this technology has a multitude of solutions, ranging from financing enterprises to mass transit or reducing poverty. He noted as well that China should treat the blockchain as a very important breakthrough and that it would be necessary to introdue the "rule of law" network in existing and future blockchain systems. Xi Jinping is of the opinion that China should focus more on testing this technology by giving support to training platforms and innovation teams.

In his statement, the Chinese president also proposed to create a platform that would focus on education, food safety and medicine.


Currency Exchange rate Buy cryptocurrency

Maximise your Metaverse potential,
giving you daily rewards and a passive income of 0.5% daily

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.