Precedents for the recognition of the legal status of cryptocurrencies in China

China authorities are going to consider a bill that provides for the inclusion of digital coins in the list of inherited assets.

Inherited internet property and cryptocurrencies

The Civil Code was amended on the annual session of the People’s Congress. If the bill is adopted, then people from China will be able to officially inherit their cryptocurrencies and other Internet property.

The current version of the law on inheritance applies exclusively to civilian income, cultural artifacts, real estate, and copyright.

Key protection is more reliable than law protection

Dovey Wan, the managing partner of Primitive Ventures, believes cryptocurrency owners should be more concerned about secret keys rather than about laws.

“I would rather my Bitcoin be protected by the key itself not the law tho , the problem with law is always enforcement not legislation” – she wrote

Precedents for the recognition of the legal status of cryptocurrencies in China

Recall earlier we wrote that Hangzhou city court recognized BTC as “virtual property” in the summer of 2019. Just last month, a court in Shenzhen ruled that ETH is a property protected by law.

Sichuan officials will help Bitcoin miners. Almost 53% of the bitcoin hash is controlled by only two Chinese companies

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