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private entities. The Lawûs main objective is to ensure cyberspace and
information security, and was enacted after a couple of years of public debate.
It should be pointed out that the new law also corresponds to the Peopleûs
Bank of Chinaûs (PBOC) plan to issue its own Central Bank Digital Currency
(CBDC).
In a connection to Libra, the projectûs description specified that was
Libra designed to be a new digital currency with distributed governance. In
particular, the distributed governance concept will ensure that no single entity
controls the network. To this end, the use of cryptography is necessary to
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protect the integrity of funds.
Moreover, the Cryptography Law focuses on blockchain technology,
which is the underlying platform of virtual currency, as well as the proposed
Libra coin, rather than providing a legal foundation for virtual currency and
related activities and businesses. In particular, the law lays down key points
concerning the definition and classification of çcryptographyé that are
categorized as çcore and ordinary cryptographyé and çcommercial cryptographyé.
Given that çcore and ordinary cryptographyé is handled by the state, this type
will be used to protect information regarded as state secrets and then
subjected to strict regulatory requirements (Article 7). In contrast, çcommercial
cryptographyé will relate to the protection of information that is not regarded
as state secrets (Article 8).
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Supra, note 10. p. 1.
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