China approves crypto law that will take effect in January 2020
The Standing Committee of the XIII National People's Congress in China passed a new law regulating cryptography on October 26, which will take effect on January 1, 2020, local CCTV reports.
According to the report, the new regulatory framework aims to establish standards for the application of cryptography and password management. The new regulatory framework establishes the role of a central cryptographic agency aimed at leading public cryptographic work, creating guidelines and policies for the industry.
The objective of cryptography is to standardize the application and management of passwords, promote the development of the password business, guarantee the security of the network and information and improve the scientific, standardized and legalized level of password management. It is a comprehensive and basic law in the field of passwords in China.
Bitcoin rises above $ 10,000
The last 24 hours have been an absolute roller coaster for the price of Bitcoin. Earlier in the week, BTC quickly fell 10% after not being able to hold above the $ 8,400 support.
The number one cryptocurrency by market value increased to $ 10,350 at 1:45 UTC, the highest level since September 24, according to CoinMarketCap data.
In addition, the increase from lows below $ 7,400 to highs above $ 10,300 is reportedly the third largest 24-hour price gain in Bitcoin history.
Bahamas to launch fiat digital currency
The Central Bank of the Bahamas (CBOB) plans to launch its own fiat digital currency to ensure the resilience of economies in the event of a natural disaster.
CBOB Governor John Rolle made the statement during his speech at Counselors Limited's Exuma Business Outlook in Sandals Emerald Bay, the local news publication reported Oct. 25. According to Rolle, the digital currency has the ability to free the country from dependence on cash - particularly useful after a natural disaster.
The digital fiat currency will take the form of a digital wallet, also known as an electronic wallet, which would be accessible through a smartphone application. The digital currency is expected to be tested in Exuma before the end of the year.
"Fully accessible and enabled digital mobile payments would solve many logistical challenges at once", he said.
The Sand Dollar Project has the potential to provide this capacity for long-term recovery.
Jack Dorsey confirms that Twitter will not be part of the Libra Association
Jack Dorsey, the founder and CEO of Twitter, informed his followers that the company will not be part of the Libra Association, the consortium made up of several companies to support the cryptocurrency designed by Facebook.
During an interview in an event in New York, the director of the social network indicated forcefully using the expression "Hell no" (Demons, no!), to indicate that they would not support this initiative, since Libra was not based in open standards just for being a business initiative for profit.
SOURCE: Criptodendecia
