China has officially introduced a new law covering cryptographic password management, as the country prepares to launch its central bank digital currency (CBDC).
Local media is reporting that the new regulations, which were first unveiled in October 2019, have now become legally binding. The law sets out three distinct categories for passwords: passwords, common passwords and commercial passwords.
The new regulations aim to provide the clarity and conformity that are essential if the country is to introduce a central bank digital currency and become the world’s leading blockchain-based economy – something Chinese president Xi Jinping very dramatically committed to in 2019.
Though no precise release date has been given for China’s CBDC, the People’s Bank of China (PBoC) has previously said it would start live-testing with selected banks before the end of 2019.