China’s tech race with the US heats up as it readies to launch its digital currency

China, notorious for its lack of privacy, approved a new law to regulate cryptography over the weekend as it readies to launch its own digital currency. The law will come into effect on January 1, 2020, and although officials haven’t gone into too much detail about it, reports say that permissions granted could vary depending on whether individuals work for the ruling party or not. “The enactment of the law was necessary for regulating the utilization and management of cryptography, facilitating the development of the cryptography business, and ensuring the security of cyberspace and information,” said state news agency Xinhua…

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