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Chinese citizens can now inherit cryptocurrencies

May 29, 2020

The 13th National People’s Congress and the Chinese People’s Political Consultative Conference ended on May 28, the same day, according to Xinhua News. Parliament has passed a new civil code. a legislative package that covers the protection of civil rights to inheritance, marriage, property, personality, contract and infringement.

The new code is:

“When a natural person dies, the inheritance is the personal legal property that it has left,” Lixin Yang, a professor at Renmin University of China, told Central China Television that this means that “property is inherited” on the Internet and digital currencies. “

Dovey Wan, founding partner of Primitive Ventures, also tweeted that Bitcoin users should care more about their private Bitcoin keys, regardless of the new law.

Chinese citizens can now inherit cryptocurrenciesChinese citizens can now inherit cryptocurrencies

The new inheritance law, which enables Chinese citizens to leave their cryptocurrencies and other virtual assets to their heirswill take effect on January 1, 2021, according to the report.

As Cointelegrah previously reported, the conclusions of a Chinese court trial indicated that Bitcoin is a digital asset and should be protected by law.