China including Crypto Inheritance in the Civil Code

China including Crypto Inheritance in the Civil Code 1024 500 Crypto Rand Group
China civil code

According to Chinese media, China is including digital currency’s such a Crypto in the Civil Code.

The draft for the Civil Code has expanded the scope of inheritance in a related chapter that defines virtual properties such as crypto (digital currency). 

About the China Civil Code

The General Principles of the Civil Law of the People’s Republic of China is a law in the PRC (People’s Republic of China) that was declared on April 12, 1986. This came into force on January 1, 1987. The Civil Law is heavily influenced by the German Civil Code. It is the main source of civil law in the PRC. They seek to provide a uniform framework for interpreting the PRC’s civil laws. For more information around the Civil Law of the People’s Republic of China, click here

Unlike most civil law jurisdictions, the PRC does not have an all-inclusive civil code. They attempt to create one by the Chinese government have been difficult and controversial. The General Principles include both civil rights and liabilities under civil law, and contains 9 chapters and 156 articles.

Chapter I – Basic Principles
Chapter II – Citizen (Natural Person)
Chapter III – Legal Persons
Chapter IV – Civil Juristic Acts and Agency
Chapter V – Civil Rights
Chapter VI – Civil Liability
Chapter VII – Limitation of Action
Chapter VIII – Application of Law in Civil Relations with Foreigners
Chapter IX – Supplementary Provisions

The main purpose of the law is stated in Article 1,”This Law is formulated in accordance with the Constitution and the actual situation in our country, drawing upon our practical experience in civil activities, for the purpose of protecting the lawful civil rights and interests of citizens and legal persons and correctly adjusting civil relations, so as to meet the needs of the developing socialist modernization.”

Chapter II – Citizen (Natural Person)

The draft Civil Code is expanding the scope of inheritance. Such as ‘the legal property of individuals left when a natural person passes away.” The expansion of inheritance means that as long as the property is legally acquired by a natural person, it belongs to the inheritance and can be inherited, including virtual property like crypto (digital currency).

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