In China, they are going to inherit cryptocurrency

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Will be able to include cryptocurrency in Chinese Will

Cryptocurrency as an asset: In China, a new type of inheritance is being developed. Photo: BitExpert

Recently, the Chinese Parliament unveiled a draft of its first civil code, which includes the protection of civil rights such as property, contracts, marriage and inheritance. The law on inheritance offers the possibility of recognizing cryptocurrency as an appropriate asset for inheritance. The document is under consideration with changes proposed by the PRC regulators.

Today, in the event of the owner’s death, digital currencies are declared non-state authorized assets. With the entry into force of the new code, the property will be included in the list of hereditary property. It will be distributed according to the will, or accepted succession standards.

Primitive crypto co-founder Dovi Wang also drew attention to the fact that the Chinese should care more about the private keys of their bitcoins, not about protective laws.

College professor Renmin Lixin Zhang, in an interview with Chinese CCTV, in turn stated that legislative change is a necessary measure. The expert believes that the previous model of heritage does not meet the needs of modern people.

The reference PAYSPACE magazine

Recall that in May, employees of the municipality of the Chinese city of Suzhou received 50% of their payments to the state cryptocurrency (DCEP). At the same time, four state-owned banks undertook the issuance of cryptocurrencies: Agricultural Bank of China (ABC), Industrial and Commercial Bank of China, Bank of China and China Construction Bank.

In an official document, all government institutions in Suzhou are invited to sign contracts with these banks to issue Chinese digital currency, as the launch of the system affects everyone. All officials were asked to download and install digital wallets developed by banks to receive their payments.

Read: Total control: China is going to ban cryptocurrency trading

By content: Bitcoinist


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