China will officially authorize the transfer of bitcoin by inheritance

China may introduce the transfer of Bitcoin by inheritance at the legal level. Relevant billentered the consideration of the authorities of the PRC.

The paper notes that the funds thatwill be inherited, must be registered in the form of income from mining, currency exchange or sale of property with a profit. Otherwise, the registration process cannot be carried out within the framework of the law.

Crypto Inheritance in China

Information on the consideration of the relevantThe bill was published by the Bitcoinist. If the document is adopted, then based on it, amendments will be made to the Civil Code of the country. Now there are no provisions on cryptocurrency in the form of property.

Representatives of the local community note thatinheritance transfer in the current version is the provision of keys in the form of information that becomes available to the relatives of the deceased. If the process is described in law, then all amounts appearing in the inheritance will be documented.

“Quick introduction of new design rulescryptocurrency status can cause a huge amount of controversy. The community is not sure that digital assets using this method can be removed from the shadows. If private owners decide on this, then they will have to face bureaucratic difficulties ”, - the message says Bitcoinist.

The document also spells out certainadjustments in the Civil Code related to the provisions on the protection of private property. The Chinese government prohibits cryptocurrency transactions, which means innovations could be another ploy for investors and asset holders.

Privilege or trick?

Current version of Chinese lawsapplies exclusively to real estate, income in fiat currencies, copyrights or relics. If it is supplemented with cryptocurrencies, then in life a person will have to inform departmental authorities about his condition in digital assets.

This is contrary to the norms of decentralization, since after that all operations will be monitored. Bitcoin transactions themselves will remain anonymous, but after a person will have to fix the income and expense.

Consideration of this bill should begin soon. According to local publications, he has a great chance of adoption.

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