China Paves Way for Digital Yuan With Crypto Password Law

It looks like China’s this close to launching its Central Bank Digital Currency (CBDC).

According to China Money Network, the Chinese government has begun implementing a crypto password law that it unveiled in October last year.

The law, which kicked in on January 1, divides passwords into three types: core passwords, common passwords and commercial passwords. The government will vigorously regulate the first two while committing to “nurturing industry in the area of commercial passwords.”

“In order to prevent data from being tampered with, it is necessary to protect each data with a password,” China Money Network wrote. “The development of block chain technology can not be separated from the progress of cryptography technology.”

This is because the implementation of cryptography will promote the development of blockchain technology and digital currency to lay the foundation.

Photo: Max Braun