China is following the European Union’s GDPR in trying to regulate the unruly data industry, says Winston Ma, Winston Ma, adjunct professor at the New York University School of Law at CNBC. China’s internet companies based for years their business models on consumers’ lack of awareness of privacy, he adds, but those days are over.
CNBC
In 2018, the European Union’s landmark General Data Protection Regulation came into effect. Called the GDPR for short, it gives citizens in the bloc more control over their data and grants authorities the ability to fine companies that fall foul of the rules. The U.S. has yet to enact a nationwide data protection law like Europe.
Now China is attempting to do something similar.
“After years of Chinese internet companies building business models around Chinese people’s lack of awareness about privacy, users are becoming more knowledgeable, and they are becoming angry with companies abusing their personal information,” Winston Ma, adjunct professor at the New York University School of Law, told CNBC via email.
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