China may pass a law giving the right to inherit bitcoins

26.05.2020

According to Bitcoinist, the authorities of the Peoples Republic of China are currently considering a bill that is supposed to introduce cryptocurrency and other Internet property as assets subject to inheritance rights.
These changes were considered at the session of the peoples representatives of the National Peoples Congress, which is held annually in China. During the session, the issue of amending the Civil Code was considered, which suggests that, along with the existing articles on the protection of property rights and obligations under contracts, it is necessary to introduce provisions regulating the right to inherit Internet assets.
This bill concerns, in particular, real estate, income of citizens, cultural inheritance, as well as copyright.
With the entry into force of the above changes, Internet assets will be added to the list of inherited property. Inheritance will be carried out either by will or by existing rules of succession.
In this regard, Dovi Wan, managing director of Primitive Ventures, expressed her opinion that, first of all, cryptocurrency holders should pay due attention to the reliability of secret keys, and not to legislation. She also noted that the problem is not in the legislation itself, but in its implementation.
In an interview with the CCTV television channel in China, which was given by the professor of the Chinese University Lixin Zhang, it is said that the old legislation no longer meets the standards that would satisfy the needs of modern society, and in the conditions of industrialization and rapidly growing technologies, they no longer work.
Back in July 2019, at a court hearing in the Chinese city of Hangzhou, a ruling was issued recognizing bitcoin as virtual property. And in April of this year, a court ruling in Sh. Enzhen secured the legal ownership of the Ethereum platform, including Chinese citizens allowed to have cryptocurrency and pay with it in the country.


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