Google Chrome won't update and shows error 0x800700C1. How to debug?

Google Chrome won't update, even though I suspect the error is Windows related.

Chrome isn't capable of updating itself. When going to "Help -> About Google Chrome", it shows this message:

An error ocurred when looking for updates: The update verification failed to start (error code 3: 0x800700C1 -- system level).

I am a rather experienced developer, I don't have a Firewall or an anti-virus running, I have tried reinstalling Google Chrome but still got the error.

What can I do to further debug this?

Thanks.