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China's digital yuan takes shape with new encryption law

Beijing enhances control over tools crucial to developing blockchain

The digital yuan will depend on blockchain technology to prevent fraud, and the continued development of blockchain demands advances in encryption. (Photo by Takaki Kashiwabara)

BEIJING -- China rolls out new rules governing online encryption Wednesday, paving the way for a digital version of the yuan and taking greater control over cyberspace.

The national cryptography law, established in October, makes government responsible for setting encryption standards covering both the state and industries. Encryption is divided into three categories -- core, common and commercial -- and the law grants the Communist Party authority over all three.

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