China: Parliament passes law allowing inheritance of Bitcoin and cryptocurrencies; a changing crypto narrative?

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A recent development indicates cryptocurrencies may be on China's radar all the time, especially the regulatory and legal aspects of a world run on stateless currencies.

In the third sessions of the Thirteenth National People's Congress presided by President Xi Jinping, China updated the country's existing civil code; new legislation that now includes "Virtual currencies" as part of a citizen's civil rights.

China's Inheritance Law has expanded the scope of inheritance to include internet property and cryptocurrency.

I would rather my Bitcoin be protected by the key itself not the law tho , the problem with law is always enforcement not legislation.

The new inheritance law comes into effect on January 1, 2021.

Previously, prominent academics in China voiced their opinions about the country's outdated civil laws, which did not change over time to include digitalized aspects of the 21st century.

Determining Bitcoin as "Virtual property," the court stated any stolen and forcibly-obtained cryptocurrency must be returned to its lawful owners either immediately or be available for purchase at a massively discounted price.

In another similar case in 2019, the local courts of Hangzhou considered Bitcoin a "Virtual property." The proceedings involved a now-defunct crypto exchange and its estranged users seeking millions in damages.

Despite China's lack of crypto framework, the country has stepped up time and again with legal judgments about cryptocurrencies.

Such proceedings indicate the country's stance on digital assets, including how lawmakers view the idea of crypto as a legal, "Virtual," property.

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