In the framework of the development of its new civil Code, China has provided a specific means to govern the transmission of an inheritance of bitcoins and put an end to the legal uncertainty surrounding this new class of assets.
Contents
The civil Code of china, and the Bitcoin
Developed for the last three years, the first civil Code in chinese would be under consideration in the Parliament. This set of texts is divided into six different sections relating to the management of property, contracts, rights of the person, marriage and family, inheritance and offences.
In the inheritance section, the Parliament has provided a regulatory framework to govern the transmission of property in crypto-currencies. The inheritance law currently in force was established in 1985 and applies only to civilian property, real estate and cultural relics and copyright.
According to Lixin Zhang, professor, Renmin University of China, the current laws concerning inheritance are outdated and do not take into account the new technologies that have emerged over the past 20 years.
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
To highlight the observance of the rights
The design of a civil Code is consistent with the objective of the chinese Parliament to promote the rule of law in the country. In addition, the device provides for numerous laws to protect the citizens, including one that prohibits arbitrary private data by companies and the State.
“To have a civil Code, will be another crucial step in the development of a legal system socialist with chinese characteristics. It will provide a major boost to the modernization of the system and the governance capacity of China, ” said Lixin Zhang, a chinese economist.
Christine Bierre, expert at the Institute Schiller of France, notes that the civil Code is an important symbol of the modernization of the rule of law in China.
What do you think of the legal consideration of crypto-currencies in the context of succession ? Respond in the comments section below.
(Be the FIRST to vote)
Loading…
The latest articles by Antoine (see all)