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. Read More