New law in China will allow to leave bitcoin as inheritance

The Chinese parliament revealed a draft of its first Civil Code that could reorganize civil rights, including the Inheritance Law. The update could include internet properties and cryptocurrencies, although the project is still being reviewed by the government.

The Asian giant hopes that a new package of laws will promote the rule of law in the country, so it is estimated that they will update a good number of civil rights such as property, contract, marriage, infringement and inheritance. At this point, the legislation dates back to 1985 and covers civilian income, housing, trees, cultural relics, and copyrights.

The new civil code stipulates that when a person dies, their legacy is “personal legal property,” so it remains to be seen whether it will encompass online properties and cryptocurrencies, such as bitcoin. The draft, in addition, is made up of 1,260 articles scattered in the general provisions and six specific areas, so it covers almost all aspects of people's lives.

In recent years, China and its economy have been advancing dramatically towards the use and adoption of cutting-edge technologies and digital payment systems, increasing its efforts to adapt its legal frameworks to new requirements.

The president of the Standing Committee of the National People's Congress (APN), Li Zhanshu, delivered a new report yesterday, where he assured that the Committee was open to public opinion on seven occasions during the formation of the code.

“Having a civil code will be another crucial milestone in the development of a socialist legal system with Chinese characteristics. It will greatly boost the modernization of China's system and governance capacity, ”said Wang Yi of Renmin University (China).

However, some experts do not believe that the new civil code revolutionizes eastern politics, but that it is a mere "combination of existing laws."

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