New Chinese Civil Law Draft Classifies Bitcoin as Property
China may soon have a set of laws offering legal status to Bitcoin and other digital currencies in the country. The laws offering rights to virtual property and data is part of the recently released draft of the People’s Republic of China General Principles of Civil Law. According to reports, the new draft law was created as part of the recent Conference of the NPC Standing Committee. The draft is created keeping the changing global economic landscape in mind. It is said to consider virtual networks, data, and information as properties almost on par with physical and financial assets,....
Related News
Virtual properties and data, including digital currencies, could be officially “People’s Rights” in China, following the publication of a new Civil Code General Provisions Draft. This gives citizens greater legal protection over non-physical property. ‘Civil Rights Objects’. If the law is passed, Bitcoin and other cryptocurrencies, online gaming tokens....
China loves digital currency, France wants to fight it, and the FBI doesn’t know how to handle it. Want to catch up on your latest digital currency news? Check out the stories below. CHINA. China has proposed a new civil law that recognizes the people’s right to own virtual assets. This includes bitcoin and additional cryptocurrencies. The civil code was introduced in the National People’s Congress on June 27 and states that all virtual and physical financial entities possess equal status. In other words, you can own bitcoin, and you can own yuan. Either way, they’re both money and they’ve....
The National People’s Congress, the national legislature of China, has released draft text for a civil law code that, if implemented, would provide a legal definition for virtual property. Following the announcement yesterday, reports began emerging that the definition could extend to blockchain-based assets including bitcoin and other digital currencies, with such speculation being set off by communications from ChinaLedger, a China-based blockchain consortium and local OTC trading firm BTCKhan. However, ChinaLedger’s legal lead, Broad and Bright partner Roland Sun, as well as other....
In what could be a second revolution for China, Bitcoin, as well as other cryptocurrencies, online gaming tokens and other data-based information could establish itself as ‘Civil Rights’ Objects in this far eastern country. The new civil code which is contained in the upcoming General Provisions Draft would give Chinese citizens recourse to legal remedy in case their Bitcoin or other digital assets are stolen This is similar to current legal options and is applicable to personal information being leaked, hacked or stolen. The proposed new civil code. The General Provisions Draft was made....
In February 2014, the DEA seized $11,000 from Charles Clarke, a college student, who was never convicted of any crime. The DEA seized Clarke's money using a process known as civil forfeiture, and he still hasn't gotten any of the money back. While noticeably egregious, The Institute For Justice demonstrates that Clarke's case doesn't scratch the surface of what's being called "policing for profit". Civil Forfeiture. Civil forfeiture is a procedure that allows law enforcement agencies in the United States to seize property without convicting a person of a crime. The government doesn't even....