China’s approach towards cryptocurrencies has been rather stern. There have been bans on crypto trading and more recently there has been an ongoing discussion on banning bitcoin mining, as in one of its prominent province bitcoin mining firms were told they would not be provided with subsidized electricity. However in an interesting development, it appears as behind the veiled, cryptocurrencies have been on the agenda of the Chinese government.
Virtual assets in China can now be passed down now as Xinhua net of Beijing confirmed on May 28. A new proposal was made earlier for the government’s approval to include virtual assets as a new addition to the civil rights of the people and it has now been approved.
The draft after much deliberation over the year was submitted on May 22 in the third sessions of the Thirteenth National’s People Congress which were presided by the president Xi Jinping. There have been voices in the country asking for updates in the civil rights of the Chinese people, as they need changes to keep up with the modern times. Virtual assets in China with the new legislation, now means that if a person dies, crypto assets, even including the in-game purchase made would be passed down to the person he has nominated.
Passing Down of Virtual Assets in China Has Some Critics Too
The news was not received well by a few as Dovey Wan of Primitive Ventures tweeted voicing her concern. She believes that legislation and enforcement are two different things and she would rather have her assets protected by the private key than any law.
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 the law is always enforcement not legislation
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) May 25, 2020
It has been made clear on many instances previously that bitcoin is recognised as a property with value by the institutions.
WOW 😲 BITCOIN IS LEGALLY PROTECTED IN CHINA
Today the first property dispute case on Bitcoin finalized trial in a local Chinese court. The court confirmed the “virtual property” attribute of Bitcoin, recognized it as a virtual property with valuehttps://t.co/W8ZeqLCYge
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) July 18, 2019
China definitely, for now, lacks a solid crypto framework but time and time again has provided regulations regarding it. This development certainly suggests that there could be a lot of work going in the background regarding virtual assets in China, away from the limelight. The scenario is all the more likely given the winter Olympics and digital Yuan also not too far away.
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