China has passed the country’s long-awaited civil code which expands the scope of inheritance rights to include cryptocurrency, such as bitcoin. Inherited cryptocurrencies will be protected under the new law. Meanwhile, several Chinese courts have recently ruled that bitcoin and ethereum are properties protected by law.
Inherited Cryptocurrencies Protected by Law
The third session of the 13th National People’s Congress (NPC), China’s top legislature, voted on and passed the “Civil Code of the People’s Republic of China” on Thursday. In addition to general and supplementary provisions, the civil code ”includes six parts on real rights, contracts, personality rights, marriage and family, inheritance, and tort liabilities,” Xinhua News Agency reported.
Noting that the decision to draft a civil code was announced in October 2014 and the legislative process started in June 2016, the news outlet detailed:
[The new civil code] states that the property rights of individuals are equally safeguarded to those of the State and collective, and…