Chinese lawmakers have passed legislation protecting peoples’ right to inherit cryptocurrencies. 

According to Xinhua news, the new civil code, which also includes protections for marriage, property, personality, contract and infringement, resulted from the Thirteenth National People’s Congress and Chinese People’s Political Consultative Conference, which ended on 28 May. 

Speaking to China Central Television, Professor Lixin Yang, said the new code means that “internet property and virtual currency will be inherited.”

The new code will come into legal effect on 1 January 2021, and is an important reinforcement of individuals’ rights in the communist country. Though,  as some commentators have already pointed out, when it comes to cryptocurrencies the most important protection is a user’s keys, not legislation. 

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

AYO.NEWS says:

Though this move is largely symbolic, as in most cases someone could inherit cryptocurrencies simply by being left the key to a wallet, it is another signal that China is serious about creating a truly digital society. 

In April the country launched a national blockchain-based service network to encourage the development of new blockchain projects, smart cities and the digital economy, while in January it announced a new law covering cryptographic password management. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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