China’s new civil code will include cryptocurrency such as Bitcoin to be part of the legal inheritance.
The Thirteenth National People’s Congress and Chinese People’s Political Consultative Conference has come to an end on May 28. According to Xinhua news, the same day the parliament passed a new civil code; a legislation package that includes protecting the civil rights of inheritance, marriage, property, personality, contract and infringement.
The new code states:
“When a natural person dies, the legacy is the personal legal property left by she/he.” Lixin Yang, a professor of Renmin University of China told China Central Television that this means “internet property and virtual currency will be inherited”.
Dovey Wan, founding partner at Primitive Ventures also recently tweeted that Bitcoin users should care more about their Bitcoin private keys, regardless of the new law.
The new inheritance law, which allows China’s citizens to pass on their cryptocurrency and other virtual assets to their heirs, will come into effect on January 1, 2021, according to the report.
As Cointelegrah reported previously, a Chinese Court trial’s findings indicated that Bitcoin was a digital asset and should be protected by the law.
