China will legalize the transfer of cryptocurrency by inheritance
China views cryptocurrency as a legitimate asset
Bitcoin can now be inherited
International consortium of news organizations developing transparency standards.
Cryptocurrencies are increasingly entering the daily life of the Chinese. Already in May, city officials received their salaries in digital money. And today the ruling party is considering the option of the legal transfer of crypto assets by inheritance.
Cryptocurrency will become a full-fledged asset
The Thirteenth Congress of the National People’s Congress and the China People’s Political Consultative Conference was a life-changing event for cryptocurrencies in the country.
Inheritance in cryptocurrency – what will happen to bitcoins in case of death
Politicians supported the idea of equating cryptocurrencies with assets, as well as transferring them by inheritance. And although there was such an opportunity before, the owner of the wallet only had to transfer access to it to his children or grandchildren, now it can be done officially. Cryptocurrencies will be taken into account when drawing up a will, and also considered as part of the inheritance.
“Now virtual currencies can be inherited just like other assets. New civil legislation regulates this issue, ”explained Lixin Yang, professor at Renmin University of China..
The law will enter into force on January 1, 2021. According to experts, the adoption of the law is another step towards the full legalization of cryptocurrencies in China, which in turn will lead to the country becoming the main cryptoasis in the world..
The state is ready to support the development of blockchain
The Chinese authorities have already approved the implementation of 224 new projects tied to blockchain technology, presented by world-famous companies. Key business players in China are behind many of the applications. For example, Walmart China has developed a blockchain concept for the secure tracking of food supplies. Companies such as Baidu, JD, Alibaba, Suning, China Mobile and China Merchants Bank have also entered this list with their projects. For example, China Merchants Bank received the approval of five applications for the use of blockchain technologies in the financial services segment at once..
Earlier, BeInCrypto reported that the launch of the DCEP cryptocurrency would make China a leader in the blockchain industry. According to UBS employees, one of the advantages of DCEP is the accelerated penetration of digital technologies into the country’s financial sector. Other benefits include improved foreign exchange monitoring, such as better control over the use of funds, which prevents incidents of corruption and money laundering, and reduced costs associated with cash..
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