China Prepares for CBDC With Cryptography Law on Encryption Standards
Stephen O'Neal's original article for cointelegraph.com reduced by 79%
The law outlines three separate kinds of encryption but provides little information beyond thatThe initial draft of China's Cryptography Law was released in April 2017, months before the local government rolled out the blanket ban on cryptocurrencies. The bill was passed by the Standing Committee of the 13th National People's Congress in China on Oct. 26.There is little information on the Cryptography Law beyond the above-mentioned encryption classifications and general conditions, says Sale Lilly, China Policy Analyst and Professor of Blockchain Technologies at the Rand Corporation, a nonprofit global policy think tank.
"If China's experience in trying to unify government cryptographic standards is anything like the U.S. Military's experience, higher standards of encryption and trust scale users at a slower rate, so onboarding oracles and trusted agents for a private or permissioned access CBDC blockchain implies a natural trade-off between key security and speed of onboarding digital economy participants; banks, vendors, and a slew of Chinese government entities in tax and finance roles..
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