It takes time to accept new things. As China did, they took their time and at last, they have passed a crypto law. The law is going to deal with crypto-related issues. They are working on Digital Currency or Blockchain mechanism for a long time. Finally, they reached a decision about it. Law focuses on Cryptographic Applications and Password management. It will be applicable from 1 January 2020.

According to Dovey Wan

“The key take away is — the developing of new cryptography, hashing algo, even the usage of the tech, will be in the official legal realm. This means you need to follow the CCP standard for all ‘encrypted’ behaviors, which can be VERY broad, from mining to block propagation.”

Mark Zuckerberg Facebook CEO Said about the situation that

“China is moving quickly to launch a similar idea in the coming months. We can’t sit here and assume that because America is today the leader that it will always get to be the leader if we don’t innovate.”