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China Passed Cryptographic Rules, Welcoming the Release of Digital Currencies

The Chinese Parliament passed a new law on cryptography amid China's efforts to launch its own digital currency. See the details.

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Illustrations. A China yuan note is seen in this illustration photo May 31, 2017. 

TRIBUNBATAM.id -  The Chinese Parliament passed a new law on cryptography amid China's efforts to launch its own digital currency. China's central bank formed a research team in 2014 to explore the launch of digital currencies. 

This effort was made to reduce the cost of circulating traditional banknotes and increase central bank and government control over the supply of money.

The new digital currency proposed by China will have some similarities with Facebook Inc.'s Libra. A senior central bank official said, later, China's digital currency will be used across all major payment platforms such as WeChat and Alipay. 

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China's cryptographic rules which take effect on January 1, "Aim to facilitate the development of the cryptographic business and ensure cyberspace and information security," Xinhua quoted parliament.

The law states that the state encourages and supports the research and application of science and technology in cryptography and ensures confidentiality. 

The cryptocurrency proposed by Facebook has sparked fears of global monetary regulators. Global authorities worry, Libra could quickly become the dominant form of digital payments and money laundering channels given the large cross-network reach on social networks. 

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Libra will become a digital currency supported by real-world asset reserves, including bank deposits and short-term government securities. This asset will be held by the custodian network. The Libra structure is intended to foster confidence and stabilize prices.

Like other crypto currencies, Libra transactions will be empowered and recorded by the blockchain which is a joint ledger of transactions managed by computer networks. 

Last week, Chinese President Xi Jinping said that China must accelerate the development of blockchain technology as the core of innovation. (*) 

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