Bitcoin Inheritance Now Recognized by Chinese Laws

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China is one of the pioneers when it comes to Bitcoin laws. The first steps were made back in 2013. At that point, financial institutions were prohibited from handling Bitcoin transactions. Later, digital assets were recognized as property and now, China is doing something rarely any other country has done.

New laws in the Asian country officially recognize Bitcoin inheritance. The country’s new civil code expands the scope of inheritance to cryptocurrencies. This means that if someone leaves you Bitcoins in inheritance, you don’t have to worry about it being illegal anymore. The country officially regulates it so you can claim your Bitcoins and spend them any way you want.

At the same time, some Chinese courts have ruled the BTC and ETH are law-protected properties. It seems that the Asian country intends to regulate cryptocurrencies fully which is a massive step forward for Bitcoin considering the fact that China is one of the world’s largest economies.

Bitcoin Inheritance Now Legal in China

Until now, if someone left you Bitcoins as inheritance, you wouldn’t be able to use it. Inherited cryptocurrencies were illegal for years pending changes to the civil code. Those were drafted in 2014 with the legislative process starting in June 2016. It took 4 years for the law to finally pass.

The new civil code in China states that property rights of individuals are equally safeguarded to those of collective and state. Online virtual assets are now protected as well. In layman’s terms, it means that virtual assets such as Bitcoin can now be inherited legally just like money or any property.

It’s a huge step forward for Bitcoin and cryptocurrencies in general. The world is slowly starting to see the benefits of crypto assets in the wake of the COVID-19 pandemic. Cryptos are being accepted in more and more industries by the day and some, like Bitcoin gambling, are already turning in massive revenue.

With a global economic crisis set to occur soon due to the coronavirus pandemic, cryptocurrencies may be the one thing that can save us from literally going broke. Countries such as China are seeing the benefits and changing laws in order to make cryptos legal.

Several Courts Rule Bitcoin and Ethereum Law-Protected Property

Besides the new civil code, some courts in China have recently ruled Bitcoin and Ethereum properties regulated by law. This makes both cryptocurrencies as legal as it gets. The Shanghai No.1 Intermediate People Court ruled that Bitcoin is an asset protected by law while the Shenzhen Futian District People’s Court ruled that Ethereum is not legal property with economic value.

It seems that China is bent on making cryptos fully legal and that’s great news for Bitcoin and Ethereum fans. Legal recognition of cryptos was bound to start somewhere and we’re not surprised it was China. The Asian country is one of the world’s economic leaders and has already introduced plans to issue its own central bank digital currency.

While there’s no timetable for it, this could be a currency that can change the world forever.

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June 3, 2020: • No Comments

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