The law will provide a legal basis for the issue of digital RMB based on blockchain technology. China passed a password law in October 2019, dividing passwords into core passwords, common passwords, and commercial passwords.
Government will strictly regulate core passwords and plain passwords.
According to the news reports, the Chinese government will strictly regulate core passwords and plain passwords and is committed to nurturing industry in the area of commercial passwords. The law will prevent data from being tampered with, as it is necessary to protect each data with a password. China has been pushing for blockchain adoption quite aggressively from the last few months.
China all set to launch it CBDC.
China is most likely to become the first country in 2020 to launch its official central bank-backed digital currency. The centralized digital currency has been hailed as a potential game-changer in the world of finance. Some experts have claimed that the digital currency could challenge the global domination of the US dollar. China also likely to launch blockchain-themed exchange traded funds.