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China Adds Bitcoin Inheritance to its Updated Civil Law

May 30, 2020

Bitcoin inheritance law

China has officially added Bitcoin inheritance to its crypto laws after the laws governing digital assets were recently revisited and amended in the country. The recent stance of China on the crypto has now begun to unravel the country’s authority long term aspirations. China looks not to want to have anything to do with crypto trading on one hand but the other side, they have just recently signed off on this new development.

As regards the latest information coming out of the Asian country, the new civil bill that would be passed into the law was submitted for government approval. The highlight of the new civil bill was the addition of virtual assets that was among a list of inheritance to be passed down. After an official panel for deliberations, the bill was officially adopted and signed into law on May 28.

Bitcoin inheritance signed off by parliament

The people’s republic of China President, Xi Jinping announced the signing off after he presided over the third session of the thirteenth national people’s congress. In the meeting, the civil code was amended and the addition of digital assets which would henceforth be among the Civil rights of the Chinese population was made. After about several years spent on deliberations, the official proposal for the addition was said to have been submitted on May 22.

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The new rights passed simply means that if a citizen of China owns digital assets such as Bitcoin, Ethereum, and/or some other digital assets and dies, all his digital assets would automatically go to his next of kin provided he states it in his will. Furthermore, some other properties that are internet-based assets like game points and rewards can now be passed down.

The new law gets positive reviews from Chinese scholars

Dovey Wan, CEO of Primitive Ventures has raised an alarm in a tweet as regards the new law that was passed. “China’s Inheritance Law has expanded the scope of inheritance to include internet property and cryptocurrency (so Bitcoin is included), but I would rather my Bitcoin be protected by the key itself not the law tho, the problem with the law is always enforcement, not legislation”, @DoveyWan said.

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This new law is scheduled to come into effect on the first of January 2021, and it is coming after a call for the update of the civil laws. Most prominent scholars across the country have lent their voice to the new law stating that the previous law has become outdated and doesn’t conform to the digital technology of the 21st century.

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