China’s Proposed New Law Recognizes Bitcoin as ‘People’s Rights’
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....
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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....
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....
For a minute there, it seemed like the FUD was over. The People’s Bank of China contributes to its country’s crypto-crackdown at the “Financial Knowledge Popularization Month,” People’s Daily Online reports from Beijing. Speaking at an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, claimed: “We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.” Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7....
The metaverse and NFTs are in the crosshairs of the People’s Bank of China, which wants to track the with Anti-Money Laundering tools. China’s crackdown on crypto is expanding into the metaverse and nonfungible tokens (NFTs), an executive at the People’s Bank of China (PBoC) recently implied.Speaking at a national financial security summit, Gou Wenjun, the director of the Anti-Money Laundering (AML) unit at the PBoC, pointed to the risks associated with leaving the new trends of the crypto ecosystem like NFTs and metaverse unregulated. He claimed that, while people would use said virtual....
China’s central bank digital currency (CBDC) is moving fast towards its deployment. For the first time since the project was launched over 7 years ago, the People’s Bank of China (PBoC) has released a Whitepaper with the digital Yuan or e-CNY’s most important progress. The project started as a response to cryptocurrencies, such as Bitcoin, […]