China Passes Law Protecting Cryptocurrency Inheritance

China Passes Law Protecting Cryptocurrency Inheritance

China Passes Law Protecting Cryptocurrency Inheritance

China has passed the country’s long-awaited civil code which expands the scope of inheritance rights to include cryptocurrency, such as bitcoin. Inherited cryptocurrencies will be protected under the new law. Meanwhile, several Chinese courts have recently ruled that bitcoin and ethereum are properties protected by law.

The third session of the 13th National People’s Congress (NPC), China’s top legislature, voted on and passed the “Civil Code of the People’s Republic of China” on Thursday. In addition to general and supplementary provisions, the civil code ”includes six parts on real rights, contracts, personality rights, marriage and family, inheritance, and tort liabilities,” Xinhua News Agency reported.

Noting that the decision to draft a civil code was announced in October 2014 and the legislative process started in June 2016, the news outlet detailed:

[The new civil code] states that the property rights of individuals are equally safeguarded to those of the State and collective, and online virtual assets are protected, too.

Wang Chen, vice chairman of the Standing Committee of the National People’s Congress, told the session that “The compilation of the civil code is an important component of the plans of the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at the core for developing the rule of law,” the publication conveyed. This new civil code will enter into force on Jan. 1, 2021.

The scope of inheritance has been expanded from the existing law. Under the new civil code, “virtual assets, such as bitcoins, [can] be inherited,” as are all property legally acquired by a natural person, the news outlet emphasized.

Wang Liming, executive vice president of the Renmin University of China and a law professor, was quoted as saying: “The civil code is the first law to carry the title ‘code’ for the People’s Republic of China. It lays down the fundamental principles and regulations regarding civil activities and relations. It reflects the will of the people and protects their rights and interests.”

Several Chinese courts have also ruled that cryptocurrencies are property that should be protected by law. For example, the Shanghai No.1 Intermediate People’s Court ruled that bitcoin is an asset protected by law while the Shenzhen Futian District People’s Court ruled that ethereum is legal property with economic value.

Meanwhile, China is working on issuing its own central bank digital currency but there is currently no timetable for the launch, Yi Gang, governor of the People’s Bank of China (PBOC), told reporters this week. Internal pilot tests have been conducted in various cities “to check the theoretical reliability, system stability, conveniency, applicability and risk controllability of the digital currency,” the governor confirmed.

What do you think about China’s new civil code protecting inherited cryptocurrency? Let us know in the comments section below.

Bitpay Has 'No Current Plans' to Support Liquid or the Lightning Network

Grayscale Bitcoin Trust Buys Over 1.5 Times Total BTC Mined Since Halving

Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Source: news.bitcoin.com

Author: News by Kevin Helms


Bithera to Launch Cryptocurrency Exchange and Start BHC Staking Program on May 30th, 2020

Bithera to Launch Cryptocurrency Exchange and Start BHC Staking Program on May 30th, 2020

With the rapid growth of Bitcoin and thousands of other digital currencies, in just over 10 years, cryptocurrency has become a “fever” that attracts many technology engineers and investors worldwide. It only takes one opportunity of owning some virtual currencies such as Bitcoin, ETH, XRP, BNB, etc. for your assets to increase unlimitedly to thousands, even millions of times.

Google Trends data has shown that the number of searches for the keyword “buy Bitcoin” has surpassed the keyword “buy gold” for the first time. Apparently, the demand for ownership and exchange of cryptocurrencies is increasing quickly, leading to the emergence of demand for safe, secure and good liquidity exchanges.

Let’s come to BitHera Exchange, where your digital assets are stored and traded at a high speed and owning the potential BHC token gives you the opportunity to increase your assets thousands of times.

Learnt and developed from Binance, BitHera Exchange aims to become a decentralized exchange based on the native token BHC and is completed with the full ecosystem of BitHera Chain, Wallet, Launchpad and Staking pool. Built by the leading IT and cryptocurrency experts, BitHera Exchange allows the trading of a variety of cryptocurrencies, including top currencies such as Bitcoin, Ethereum, Tether, EOS, TRON, XRP, the native token – BitHera Coin and hundreds of other popular coins and tokens. This exchange is expected to become one of the leading exchange platforms in the world that meets the most stringent requirements of users. Meanwhile, BHC plays a core role in the BitHera ecosystem, used to pay transaction fees as well as bonuses for the system’s staking and marketing programs.

Besides attractive rewards, when participating in BHC staking, you may even get compound interest from owning this potential coin. With the monthly or quarterly burning strategy, BHC will become scarce while the users’ demand for BHC in the BitHera ecosystem increases. This will push the price of BHC to grow powerful.

Do you want to take the opportunity to become a millionaire?

Become a pioneer in the BitHera community.

Invest and start trading with us today!

BitHera – Unleash your trading potential!

Company: BitHera PTE Ltd

Website: https://bithera.com/ 

Document: BitHera Presentation and BitHera Whitepaper

Contact: [email protected] 

Telegram channel: https://t.me/bitheraofficialchannel 

Facebook page: https://www.facebook.com/BitHera-112889373479880/ 

Like BTCMANAGER? Send us a tip!

Source: btcmanager.com

Author: Guest Post


Energi coinomi

Energi coinomi

Source: veldhof.eu


China Passes Law Protecting Cryptocurrency Inheritance

Previous
Cryptocurrency exchangesCryptocurrencies Spread 4X Faster in Undeveloped Countries: Blockchain Analysis Report | Emerging Markets Bitcoin News
Next
Cryptocurrency exchangesCodecanyon cryptocurrency exchange
Did the article help? Rate it
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Add comment

Get Awesome Reviews

Coins, exchanges, wallets, crypto games, crypto cards.
Search for reviews and share your own experience.

GO TO REVAIN