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Source: coindesk.com ·
While China still bans cryptocurrency trading, cryptography could be key to the country’s national push to be more competitive in the blockchain industry.
Preston Pysh - @PrestonPysh
1 year ago
The Chinese congress released a draft proposal for the new law ..”The proposal includes...how compatible the industry standards should be with other international cryptography systems” https://t.co/Kr5nwxGU6h
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Mark van Rijmenam - @VanRijmenam
1 year ago
RT @myluckbitcoin: China’s Congress Passes Cryptography Law, Effective Jan. 1, 2020: While China still bans cryptocurrency trading, cryptography could be key to the country’s national push to be more competitive in the blockchain industry. https://t.co/NxYwv1IxZN https://t.co/FsQ9g334W4
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Christopher Wheeler - @Stocktrader
1 year ago
Buy Bitcoin! https://t.co/tUAEBxAoNl
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Christian Gagnon - @InEgoVeritas
1 year ago
RT @coindesk: JUST IN: China's Congress passed a cryptography law on Saturday that could further the country's ramped-up blockchain ambitions. https://t.co/5vJ9f3r069 @jp4874 reports
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Crypto Rand - @crypto_rand
1 year ago
JUST IN: China's Congress passed a cryptography law on Saturday that could further the country's ramped-up blockchain ambitions
#Bitcoin #Blockchain #Crypto
https://t.co/YzDVpijb7l
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Paul - @paul_btc
1 year ago
Its funny how everyone jumps to the conclusion that this is pro crypto or pro bitcoin 😂 a dictatorship that censors continuously and has strict capital controls can’t allow the use of the freest money in human history https://t.co/9yEQuRdehx
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Leigh Cuen - @La__Cuen
1 year ago
RT @jp4874: BREAKING: China's congress just passed its first cryptography law that could further its blockchain ambitions.
My Story https://t.co/o8GNUb0B1w
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wtfCraigwtf
Redditor for less than 60 days 1 year ago
Sounds like the wish to create a reference standard encryption for the whole country. Of course it will be backdoored.
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chilltenor
Singaporean 1 year ago
As an active investor in the space, this is a really good thing. Hopefully China can orient the industry around a binance bitmain wepay/alipay stack, and gain greater influence over enterprise use cases and semi permissioned protocols. This would then obviate the need for Hong Kong as an entrepot, and reduce Western leverage over China.
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phil2c
1 year ago
basically Asian/eastern part fear more than western gys, if coin has issues...😮😯😄🤞🤷♂️😮👋🤳🧚♀️
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hiker2mtn
1 year ago
I think it'll help. China's actions are credited with the recent run up in BTC, and as we all watch the US become the Land of Technological Luddites and Ignorant Regulation (US-LTLIR) it's interesting to watch how the markets react to this news.
The US has been an anchor on all projects, Kin especially. As we watch the market work through these significant obstacles and other nations make better decisions, it's obvious that the US is placing itself in a box it'll take years to get out of.
I travel to China often for work, and the entrepreneurship and creativity I see there is astounding. Whole families work together for the success of the entire group, not themselves individually. If someone has an idea to create something unique, the generally have the freedom to go ahead and do it without government restriction. There definitely are significant rules within society there that must be followed, and there is no doubt that "Big Brother Mao/Xi" is watching you for signs of political unrest, but outside of that, the Chinese have a freer market than the US does, by a long shot.
China is moving away from it's past of condemning cryptocurrencies and blockchains, to embracing them and encouraging them. It's a process, but it's one that the US should emulate.
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SpeedGeniusCMO
1 year ago
China now produces more engineers a year than the US and while the leaders in the US need a law degree (usually), the Chinese leaders have business and engineer degrees. They laugh at the fact that we teach our politicians to lie from the beginning and then expect good leadership. They have their downsides like you say but their embracing of technology is far superior. They will be the next super power while the US is scratching it's head wondering what went wrong. Did you know the have been the world super power 7 times in history. 7! Number 8 is coming soon. 😒
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hiker2mtn
1 year ago
Yeah... it's actually quite worrisome to me that a totalitarian state is going to so completely eat our lunch.
China is kind of the reason I initially got involved in Kin. I saw literally thousands of Chinese consumers using Alipay and WeChat Pay to buy things in the malls and restaurants. Trying to buy something with a credit card is difficult--as is buying with Renmimbi/Yuan (RMB) fiat. Merchants just hate using anything other than the quick QR pay codes on people's phones!
Then I learned that Tencent had invested in Kik... and I had to learn more. I was disappointed to learn that Kik wasn't on path to become the "WeChat of the West," per se, but the vote of confidence Tencent had given was significant.
Well, we all know the rest. Chinese consumers still use WeChat and Alipay to the detriment of the Yuan, and the Chinese Govt has embraced the changes by going all in on a National Cryptocurrency plan.
The US is falling behind, obviously, and is so wrapped up in the ongoing National Crisis in the White House that we can't get any leadership on the topic. In point of fact, the US as we've know it may not survive the current crisis. No one really knows what's going to happen, and it's crappy policy on cryptocurrencies seems minor compared to everything else.
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PurpleGiphy
1 year ago
Too many Z list apps in our ecosystem. A purge over a coin burn will set us straight.
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Straightbullswanky
1 year ago
Would be good, but it sounds like the team has all but thrown in the towel on exchanges until the sec issue is resolved and it sounds as if Ted believes that will be at trial.
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KovaKoura
1 year ago
Chinese exchanges are banning U.S Cidizents on their platforms because SEC is demanding that, but can Chinese new more open laws for crypto industry open up the doors for US citizens with notice that they may brake laws in their own country if they make account in these Chinese exchanges and start trading there. This could open doors for new coin listings too what are currently on the SEC's black list, because SEC cannot force other countries to make certain type of laws. They only protect US citizens so now KIN wouldnt brake any Chinese laws after 1 January, 2020 when these new laws starts to effect and this can open up the doors for KIN to Asian markets.
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Straightbullswanky
1 year ago
Would be great if it happens. Is it leverage or damning in the case with the SEC. Obviously, leadership could not be involved with any courting of listing in China with pending litigation.
Would have to be community driven, and I would not want to be party to it.
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autotldr
1 year ago
This is the best tl;dr I could make, original reduced by 66%. (I'm a bot)
The Standing Committee of the 13th National People's Congress in China has passed the cryptography law on Saturday and it will be effective on January 1, 2020, according to a Chinese media report.
The new law aims to tackle emerging regulatory and legal challenges in commercial cryptography use-cases as they play an increasingly important role in developing the Chinese economy, according to the law's latest draft proposal prior to approval.
China's national congress said the new law will encourage research and development on commercial cryptography technologies, while building up an inclusive standardized regulatory system for the market.
Extended Summary | FAQ | Feedback | Top keywords: cryptography^#1 law^#2 Chinese^#3 new^#4 technology^#5
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autotldr
BOT 1 year ago
This is the best tl;dr I could make, original reduced by 66%. (I'm a bot)
The Standing Committee of the 13th National People's Congress in China has passed the cryptography law on Saturday and it will be effective on January 1, 2020, according to a Chinese media report.
The new law aims to tackle emerging regulatory and legal challenges in commercial cryptography use-cases as they play an increasingly important role in developing the Chinese economy, according to the law's latest draft proposal prior to approval.
China's national congress said the new law will encourage research and development on commercial cryptography technologies, while building up an inclusive standardized regulatory system for the market.
Extended Summary | FAQ | Feedback | Top keywords: cryptography^#1 law^#2 Chinese^#3 new^#4 technology^#5
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autotldr
1 year ago
This is the best tl;dr I could make, original reduced by 66%. (I'm a bot)
The Standing Committee of the 13th National People's Congress in China has passed the cryptography law on Saturday and it will be effective on January 1, 2020, according to a Chinese media report.
The new law aims to tackle emerging regulatory and legal challenges in commercial cryptography use-cases as they play an increasingly important role in developing the Chinese economy, according to the law's latest draft proposal prior to approval.
China's national congress said the new law will encourage research and development on commercial cryptography technologies, while building up an inclusive standardized regulatory system for the market.
Extended Summary | FAQ | Feedback | Top keywords: cryptography^#1 law^#2 Chinese^#3 new^#4 technology^#5
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SkepticPerson
1 year ago
Anyone who believes the Chinese government should have their head removed
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NoDoze-
1 year ago
LOL so they're passing laws that allow ONLY the government run crypto to succeed. Sheeesh
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simplelifestyle
1 year ago
China’s national congress said the new law will encourage research and development on commercial cryptography technologies, while building up an inclusive standardized regulatory system for the market.
This is bullish for Bitcoin.
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robthebobr
1 year ago
The source law draft is from 5th of July 2019. The article is BS as it states it's from October.
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sgtslaughterTV
Platinum | QC: CC 204, NANO 48, BTC 27 1 year ago
I find myself feeling really strange about all of this. Mentions cryptography, mentions commercializing cryptography... like how would they be pro privacy? There are facial recognition towers in all major cities that would fine you for jaywalking or running a red light.
This makes me think that they would create some kind of cryptographic tech that they would then sell to other countries that the rest of the world won't do business with, (many African countries, Iran, North Korea, maybe Russia in some very slight cases).
The most bullish case would be that they are trying to make a crypto that can be used in countries that the IMF and world bank are not fond of.
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Phil_N_Uponya
Bronze 1 year ago
Who says cryptography means privacy. If anything it would be easier to track than cash if set up properly.
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Trident1000
1 year ago
The Chinese laws coming out controls all cryptography including mining....if you think this is bullish for bitcoin you are smoking crack. They are building their own blockchain technology to suppress and control their people, not adopting bitcoin or anything else they dont control so people can go around their controlled system and exit capital from their country. Thats the hard truth. If you think China is bullish on bitcoin you are going to be disappointed going forward.
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xenzor
Silver | QC: CC 700, ETH 17 | NEO 371 | r/sysadmin 1 year ago
I mean it appears pretty clear to me they would be building up their own chain for certain tasks such a voting.
It's extremely unlikely they would base a state level function on an existing public chain imo.
Not saying this isn't good for crypto in general, it's great as it could open up a lot of gateways and pegs for China to get into Crypto.
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bryanwag
Silver | QC: CC 170, PRL 17 | NANO 527 1 year ago
China is the biggest threat to decentralization, period. Sentiment manipulation has been at full force lately.
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Rhader
Platinum | QC: BTC 105, CC 51, ETH 38 | r/Politics 1 year ago
Replace China with all world super powers; then you are correct
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