• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

China’s Civil Law Could Enable Citizens to Inherit Bitcoin

Anatol Antonovici by Anatol Antonovici
2 years ago
in News
0
Advertisement

China’s Inheritance Law might soon be updated to include internet property and cryptocurrency, including Bitcoin. The draft bill is currently being reviewed by the government.

New Inheritance Law to Be Part of China’s First Civil Code, and It Could Impact Bitcoin

Recently, the Chinese parliament revealed the draft of its first civil code, which includes the protection of civil rights like property, personality, contract, marriage, infringement, and inheritance. The wide-ranging package of laws is expected to promote the country’s rule of law.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In the law about inheritance, the Chinese government has introduced a key framework that could impact cryptocurrency and Bitcoin owners. The current “Inheritance Law,” whose original version was first established in 1985, included civil income, housing, trees, cultural relics, and copyrights.

The new civil code replaced the above terms. It now stipulates that when a natural person dies, his/her legacy is the personal legal property. This touches upon internet property and virtual currency such as Bitcoin.

Dovey Wan, founding partner at Primitive Ventures, tweeted that users should care more about their Bitcoin’s private keys rather than protective laws.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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 law is always enforcement not legislation

— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) May 25, 2020

Lixin Zhang, Professor at Renmin University of China, reportedly said in an interview with China Central Television (CCTV) that the old version of Inheritance Law hasn’t been in line with the needs of the modern society. In the last few decades, China’s economy has boomed and inclined towards technology adoption and industrialization.

New Chinese Civil Code to Speed up Modernization 

The draft legislative package was submitted to the annual session of China’s national legislature for review, although it still remains unclear as to how much it will impact Bitcoin.

Li Zhanshu, chairman of the National People’s Congress (NPC) Standing Committee, delivered the committee’s annual work report earlier today at the third session of the 13th NPC. The official said that the NPC Standing Committee solicited public opinions on seven occasions during the compilation of the code, which has been in work since 2014.

Wang Yi of Renmin University of China commented:

“Having a civil code will be another crucial milestone in developing a socialist legal system with Chinese characteristics. It will greatly boost the modernization of China’s system and capacity for governance.”

However, not everyone agrees that the new civil code will bring significant changes. Some experts argue that the code is nothing else than a mix of existing laws, suggesting that the impact will be minimal.

Featured image from Shutterstock.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anatol Antonovici

Anatol Antonovici

Related Posts

Warba Bank

Warba Bank Becomes 1st Islamic Lender To Enter The Metaverse

21 hours ago
Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

3 days ago
Cryptoqueen

‘Cryptoqueen’ Has A $100,000 Bounty On Her Head Offered By The FBI

4 days ago
Three Arrows

Three Arrows Capital Gets Notice Of Default On $660 Million Voyager Loan

1 week ago
Morgan Creek

Morgan Creek Said To Be In Bid To Secure $250-M To Counter FTX BlockFi Bailout

1 week ago
Harmony

Harmony Dangles $1M Reward For Return Of $100M Stolen Funds – Is It Enough?

1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.