China puts controversial bank IT rules on ice

China puts controversial bank IT rules on ice

China has put on hold plans to force technology firms working with the country's banks to submit to a series of onerous conditions, according to the Wall Street Journal.

Late last year, as part of a wider cybersecurity initiative from the Chinese government, regulations were established that would have required IT firms hoping to sign up banks as customers to turn over their code, agree to audits and build back doors into their hardware and software.

The move prompted protests from the American government and business groups, including the US Chamber of Commerce, and the concerns now appear to have been heeded.

According to the WSJ, a notice issued this week by the China Banking Regulatory Commission and the Ministry of Industry and Information Technology says that the rules have been suspended until further notice while feedback from banks is taken into consideration.

"To promote the steady and reasonable work on banking-industry information safety, the guidelines will be revised and perfected, after which they will be reissued for implementation," says the notice.

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