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On 28th May, the Chinese People’s Political Consultative Conference and Thirteenth National People’s Congress concluded. As per Xinhua news, the parliament passed a new civil code on the same day. The parliament passed a legislation package which comprises safeguarding the civil rights of property, inheritance, contract and marriage.
The new code mentions,
“When a natural person dies, the legacy is the personal legal property left by she/he.”
A professor of Renmin University of China, Lixin Yang told China Central Television that this signifies
“internet property and virtual currency will be inherited.”
Recently, the founding partner at Primitive Ventures, Dovey Wan tweeted that Bitcoin users should focus more on their private keys, irrespective of the new regulation.
It is to be noted that the new civil code of China will take in digital currencies like Bitcoin to be part of the legal bequest. The law allows Chinese citizens to pass on their digital currencies to their legatees and will be enforced on the first day of the next year, as per the report.
As per earlier crypto media reports, a Chinese Court trial’s finding suggested that Bitcoin was a virtual asset and ought to be safeguarded by the law.
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