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Cryptocurrency's Legal Inheritance Now Allowed in China

3 months ago

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The Thirteenth National People’s Congress and Chinese People’s Political Consultative Conference that's come to an end on May 28 passed a new civil code related to inheritance, marriage, property, etc. The legislation package included the inheritance of internet property and virtual currency.

 

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National People’s Congress and Chinese People’s Political Consultative Conference

Chinese People's Political Consultative Conference (CPPCC) is an organization of the united front with wide representation. It is an important organ of multi-party cooperation and political consultation under the leadership of the CPC. It is composed of the CPC, other political parties, mass organizations, and representative public personages. The organization has a right to elect for the chairman of the party’s Central Military Commission, the President of the Supreme People's Court and Grand Chief Justice, the establishment of the national economy and societal development, the right to grant national budget, and much more.

source: http://www.china.org.cn/english/27750.htm

 

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Civil code on cryptocurrency

The Thirteenth National People’s Congress and Chinese People’s Political Consultative Conference passed a new civil code related to inheritance, marriage, property, etc. The passed bill revised the civil law enacted in 1985, in which the range of inheritable assets prescribed by the Inheritance Law to assets on the Internet, including cryptocurrencies. The measure will go into effect on January 1, 2021.

 

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The Chinese court says "Bitcoin is a type of digital asset."

Recently, the Chinese court also ruled that cryptocurrencies like Bitcoin should be legally protected. In early May, the Shanghai First Intermediate People’s Court ruled that Bitcoin should be recognized as a digital asset and protected by law in a judgment on damages done to cryptocurrency.

   

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Published 3 months ago