China Prepares for CBDC With Cryptography Law on Encryption Standards

[ad_1] On Jan. 1, China’s law governing cryptographic password management came into power. Essentially, the act aims to set standards for the application of cryptography and the management of passwords, and, therefore, ultimately reduces China’s cyber vulnerabilities on a nationwide scale. Some local media outlets rumor that the law is paving the way for the long-awaited release of China’s central bank digital currency, although it does not make any explicit references