Citizens of China Now Able to Inherit Cryptocurrency
The Thirteenth National People’s Congress and Chinese People’s Political Consultative Conference has ended on May 28, bringing cryptocurrency holders an interesting feature. On that day, the parliament passed a new civil code, which brings China a legislation package that includes protecting civil rights such as inheritance, property, marriage, personality, contract, and infringement. What’s important to crypto users and holders is how the code was worded and what was implemented into it.
The new code states that when a natural person dies, their legacy is the personal legal property left by them. A Renmin University professor, Lixin Yang, said that this could be translated into the words: “internet property and virtual currency will be inherited.”
Dovey Wan, Primitive Ventures founding partner, has recently made a tweet stating that Bitcoin users should pay more attention to their Bitcoin private keys, regardless of what the new law says.
The new inheritance law that allows citizens of China to pass on their cryptocurrency, as well as other virtual assets, to their heirs will become active on January 1, 2021. This is seemingly just the start of China’s efforts to regulate Bitcoin, as they clearly stated that cryptocurrencies should be something guided by the law.