Bitcoin inheritance is now officially a part of the Chinese crypto law. The paradoxical stance of China regarding the cryptocurrency has now begun to indicate the authoritarian state’s long-term aspirations. On the one hand, China seems not to allow any sort of crypto-trading, while on the other hand, the latest developments in Bitcoin inheritance indicate otherwise.
Per the latest developments, new civil legislations have been submitted for government perusal, and virtual assets include in the list of items that can be passed down. On May 28, in the parliament meeting, the law was adopted.
Bitcoin inheritance in China endorsed by parliament.
The Chinese President Xi Jinping presided the third session of the Thirteenth National People’s Congress. The existing civil code of China was updated and new legislation that includes virtual currency as the civil rights of the citizens of China. On May 22, the draft was initially submitted to the committee following years of deliberation.
This implies that in case a Chinese citizen in possession of Bitcoin (BTC), Ethereum (ETH), or some other virtual assets dies, all his holdings would be allotted to the nominated person in his will. Moreover, other internet-based properties, including the in-game currencies, could now also be passed down.
Primitive Ventures’ Dovey Wan, in his tweet, voiced some concerns regarding this issue.
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 law is always enforcement not legislation
— Dovey 以德服人 Wan ?? (@DoveyWan) May 25, 2020
This new inheritance law would come into effect from January 2021. Earlier in China, many prominent scholars expressed their opinions regarding the outdated civil laws of the country that have not been changed according to the evolving digital technology of the 21st century.