A parliamentary body in China has read a second draft of a proposed “far-reaching counterterrorism law that would require technology firms to hand over encryption keys and install security ‘backdoors,’ a potential escalation of what some firms view as the increasingly onerous terms of doing business in the world’s second-largest economy,” Re/code reports. The law is expected to be adopted in the weeks or months ahead, the report states, and the Obama administration has expressed concerns. “It’s a disaster for anyone doing business in China,” one industry expert said. “You are no longer allowed a VPN that’s secure; you are no longer able to transmit financials securely or to have any corporate secrets. By law, nothing is secure.”
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