Bitcoin Impact Unclear as Chinese Legislators Draft 'Virtual Property' Law
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....
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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,....
A Chinese intermediate court based in Beijing recently upheld a lower court’s ruling which determined that cryptocurrency is a virtual property protected by the law. The court clarified that regulations issued by the Bank of China and others only prohibit the circulation of virtual currency. ‘Financing Behaviour Prohibited by the Law’ An intermediate court in China recently upheld a lower court’s ruling that designated litecoin a virtual property protected by the country’s laws, a report has said. The court clarified that the country’s relevant....
Virtual worlds have become popular because they enable users to experience something that is otherwise not possible in the real world. The possibilities are endless, and we are still only scratching the surface of what can be done in virtual worlds. The next big trend in virtual property is that it will be more accessible than ever before, aided by the likes of Next Earth, which has made virtual property available to all through an NFT-based replica of Earth. Further accessibility will be made possible by a combination of technological advancements, including better rendering capabilities,....
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....