Cryptocurrencies

Legacy of Bitcoin soon possible in the New Chinese Civil Code – Cryptocurrencies

Notaries may soon have to train in cryptocurrencies and blockchain: a bill in China will give the possibility of bequeathing its cryptos as a legacy. Do cryptos really need a law that is favorable to them on inheritance? Isn’t blockchain supposed to remove intermediaries in transactions, like the bank but also notaries?

Bitcoin in your Testament

The Chinese parliament recently released a civil code bill, relating to property, personality, contract, marriage, violation and inheritance.

The update which will certainly interest the cryptosphere, concerns the inheritance law, including properties on the internet and cryptocurrencies. It would therefore be theoretically possible for Chinese, to leave Bitcoins (BTC) inheritance.

The first version of the law, drafted in 1985, included only civil income, housing, trees, cultural relics and copyright.

Rather for, rather against!

The founder of Primitive Ventures, Dovey Wan, reacted to this news, giving little importance to this change in inheritance laws for the benefit of cryptocurrencies.

Bitcoiners should worry about it, of their private keys than laws supposed to protect them.

Other personalities do not share the lack of enthusiasm of Wan. The Professor atRenmin University of China, Lixin Zhang, announced on the state channel CCTV, that the old inheritance law no longer meets the needs of today’s society; all the more so as the Chinese economy is today turned towards technological innovations.

The teacher Wang Yi of the same University, said that updating would be an important step in the Chinese legal system, since “This will considerably stimulate the modernization of the system and the governance capacities of the China

The Chairman of the Permanent Committee ofNational People’s Assembly of China ((APN), Li Zhanshu, added that public opinion has been solicited many times during the drafting of this bill since 2014.

When is a smart contract that would ensure the automatic transmission of cryptos left in inheritance, without having to depend on the 4 wishes of traditional institutions? Bitcoin, cryptos in general and blockchain do not need the favors of the States to succeed: but that, they have not yet understood!

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