Japanese media: China implements crypto law to pave the way for digital currency

China implemented the crypto law on January 1, 2020. Japanese media said that the move aims to cultivate the core technology of the digital age-blockchain technology, and provide a legal basis for the issuance of digital RMB based on blockchain technology. The Nihon Keizai Shimbun reported on December 31 that the People's Bank of China is preparing for the issuance of the digital currency, the first digital currency in major countries. It is believed that this move is to reduce the workload of financial institutions and strengthen supervision of funds. As the technology required to issue digital currencies, China is likely to adopt blockchain technology. To prevent data from being tampered with, each data needs to be protected with a password. The development of blockchain technology is inseparable from the advancement of cryptographic technology. It is reported that after the adoption of the cryptographic law, Chinese leaders proposed a policy of accelerating the development of blockchain technology. This is because the implementation of the crypto law will lay the foundation for advancing the development of blockchain technology and digital currency issuance.