China’s New Law To Include Cryptocurrencies Part Of Legal Inheritance
China’s New Law To Include Cryptocurrencies Part Of Legal Inheritance
May 29, 2020
China’s New Law To Include Cryptocurrencies Part Of Legal Inheritance
China’s New Law To Include Cryptocurrencies Part Of Legal Inheritance
May 29, 2020

China’s new inheritance law allows China’s citizens to pass on their cryptocurrency and other virtual assets to their heirs.

The Thirteenth National People’s Congress and Chinese People’s Political Consultative Conference has come to an end on May 28. 

Xinhua news reported that on 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 signifies:

“internet property and virtual currency will be inherited”.

Dovey Wan, founding partner at Primitive Ventures says that regardless of the new law, Bitcoin users should care more about their Bitcoin private keys.

According to the report, the inheritance law will come into effect on January 1, 2021.

ALSO READ :  Persol Group Partners With NEC Corporation To Build A New Blockchain-Powered Recruiting Platform

Source: Cointelegraph | Image: Unsplash

Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.