The problem with China is that it can change the law whenever the CPC thinks it will afect it's existence. Therefore stop believing in China as it has never been transparent with its policy and there is always a hidden agenda behind whatever it does.
Topic: China's new law for protecting CryptoCurrency. - page 2. (Read 296 times)
Thanks for the links @mk4.
Seems like the OP forgot to input those for reference.
It's not that big news and that is why not many of us received it. Next time please do share the links.
So this means KYC to identify/prove if you are the true heir of the said cryptocurrency?
Takes out the privacy thing.
I'd rather let them inherit a piece of paper with all the details rather than giving out all my information.
Seems like the OP forgot to input those for reference.
It's not that big news and that is why not many of us received it. Next time please do share the links.
Quote
“When a natural person dies, the legacy is the personal legal property left by she/he.” Lixin Yang, a professor of Renmin University of China told China Central Television that this means “internet property and virtual currency will be inherited”.
Credits: CointelegraphSo this means KYC to identify/prove if you are the true heir of the said cryptocurrency?
Takes out the privacy thing.
I'd rather let them inherit a piece of paper with all the details rather than giving out all my information.
Yeah, pass them bitcoins to the second, third, fourth, or even tenth generations until they can be allowed to spend it on something.
There isn't much information on how they're planning on making such thing work though. But by the sounds of it, probably not a good idea? As for the funds to be inherited someone else should have access to the keys. Well, unless the funds are in custody in the first place, which we know is not a good idea in most cases.
Yup. If a Chinese citizens accidentally dies without telling any of his family about the private keys/seed phrase to non-custodial wallets, then nobody can inherit it. If it's stored on a custodial service, then maybe it's possible to track and retrieve them.
Some articles for those who are curious:
There isn't much information on how they're planning on making such thing work though. But by the sounds of it, probably not a good idea? As for the funds to be inherited someone else should have access to the keys. Well, unless the funds are in custody in the first place, which we know is not a good idea in most cases.
- https://cointelegraph.com/news/chinese-citizens-are-now-able-to-inherit-cryptocurrency
- https://fintechzoom.com/fintech-news-bitcoin-news/china-passes-law-protecting-cryptocurrency-inheritance/
- https://coingeek.com/chinas-new-law-allows-digital-currencies-inheritance/
- https://news.bitcoin.com/china-law-cryptocurrency-inheritance/
There isn't much information on how they're planning on making such thing work though. But by the sounds of it, probably not a good idea? As for the funds to be inherited someone else should have access to the keys. Well, unless the funds are in custody in the first place, which we know is not a good idea in most cases.
What do you think about China’s new civil code protecting inherited cryptocurrency?
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