International banks were required this Sunday to submit plans to Chinese officials on how to convert internal technology into what Beijing considers controllable systems, The Wall Street Journal reported. The regulations require banks to turn over their source codes and encryption keys protecting sensitive data, use Chinese encryption keys and submit to intense testing. Various American and European firms have criticized the measures as too intrusive, and are now faced with the options of handing over proprietary information for market access, creating products specifically for the Chinese market, or leaving China altogether.
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