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.
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
According to the report, the inheritance law will come into effect on January 1, 2021.
Source: Cointelegraph | Image: Unsplash
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