China passed a new law on cryptography by Standing Committee of the 13th National People’s Congress in China t.hat will be implemented from January 2020 .still bitcoin and other crypto trading is still now legal in china
this new law will support the use case of blockchain and other technology to emerge the china economy. national people's congress told this new law will support new companies and fintech startup in the commercial use of technology and this law will setup the new regulatory and instruction also in the blockchain industry in China.
As per the local Chinese news outlet, Xinhuanet.com:
“The cryptography is aimed at standardizing the application and management of passwords, promoting the development of the password business, ensuring network and information security, and improving the scientific, standardized and legalized level of password management. It is a comprehensive and basic law in the field of passwords in China.”
after coming to this news bitcoin price jump over 40% in overnight. It was on 7200$ on the market cap after this news its jump up to 10000$ in just the next 24 hours.
source: china news link
OCTOBER 27, 2019
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