China to make Bitcoin (virtual properties) a civil right.

[Elwar]

With the publication of the Civil Code General Provisions Draft, virtual properties and data have officially become Chinese people’s rights, what this means is that cryptocurrencies e.g. Bitcoin, virtual currencies e.g. online gaming tokens and data information, e.g. Big Data, shall all be officially recognized as Civil Right Objects. Yesterday(June 27th ), the 21st session of the 12th National People’s Congress Standing Committee(China’s Congress or/and Senate) was held in Beijing. The session reviewed, for the first time, the illustration on the PRC Civil Code General Provisions(Draft) Proposal, which was brought to the floor by the Chairman Meeting of the NPC Standing Committee. Within the draft, we see articles on virtual properties and data information, classifying them as new type of civil right objects, this means that virtual properties and data shall officially become people’s rights.

https://www.reddit.com/r/Bitcoin/comments/4q8eu9/chinese_civil_code_general_provisions_draft/

[the_poet]

China’s Proposed New Law Recognizes Bitcoin as ‘People’s Rights’

https://news.bitcoin.com/china-recognize-bitcoin-peoples-rights/

[rtrtcrypto]

Is this LEGIT? Because this is gigantic.

[iv4n]

Great news! I like when I read something positive about btc, it was time for some governments to start accepting btc. This is good thing, and if its really truth I think this will be just beginning. Other countries will start to follow this, in that light this will be huge step for btc and for btc community.
I will follow news about this, and I'm interested to see what will happen about this.

[poptok1]

Isn't it strange that of all things, communist country like China recognises
and empowers bitcoin among citizens?
Country that hardly cant accept private property in its ideological core, establishes
bitcoin laws and recognises it, allowing for people to have them...
Is there some government agenda? All the coins from china belong to state?  

[pedrog]

Does this means that now everything digital belongs to the government?

All bitcoin mines will be nationalized?

[Labumi]

That's great news, but it would be better if bitcoiner in china is allowed to use bitcoin as currency

This is good news, I think there is indeed a possibility that bitcoin is going to be one currency that could be used in China, as most of china is also using bitcoin for every transaction done. This might be the beginning where bitcoin will become larger and successful

[julian071]

Isn't it strange that of all things, communist country like China recognises
and empowers bitcoin among citizens?
Country that hardly cant accept private property in its ideological core, establishes
bitcoin laws and recognises it, allowing for people to have them...
Is there some government agenda? All the coins from china belong to state?  

Whether or not you find it strange depends on your perception of what China is.....

I clearly have a different perception as I'm not that surprised.... It's just the smart thing to do.

Does this means that now everything digital belongs to the government?

All bitcoin mines will be nationalized?

It's a smart hing to  better protect the private digital properties of the Chinese citizens by law. This will allow for more rapid development in this field.

[yayayo]

It's not clear, what the concept of "civil right" or "People's Right" does really mean. Maybe it is just a translation problem. To me it seems that the term "People's Right" actually means private property right. So it's considered as something similar to a corporate share.

Whatever the law really recognizes, I don't think it does matter much for the average Bitcoin user in China. Bitcoin is decentralized and can't be easily controlled by the government. Even if it was considered illegal, people could still use it. So I don't expect any significant effect from passing this law.

ya.ya.yo!

[pereira4]

Isn't it strange that of all things, communist country like China recognises
and empowers bitcoin among citizens?
Country that hardly cant accept private property in its ideological core, establishes
bitcoin laws and recognises it, allowing for people to have them...
Is there some government agenda? All the coins from china belong to state?  

China is a weird as fuck country, I don't really get it, but nonetheless, this is great news for Bitcoin. Even tho Bitcoin doesn't really need the approval or banning of a country to make it legitimate since its legitimacy depends on the math that runs the algorithm and not some politician idiots saying things about it, this helps the average Joe drone that listens to what the government says about things in order to determine if something is good or bad.

Therefore, this is just more bullish news. Anyone trying to be a smartass by shorting on good news is about to get burned.

[julian071]

Isn't it strange that of all things, communist country like China recognises
and empowers bitcoin among citizens?
Country that hardly cant accept private property in its ideological core, establishes
bitcoin laws and recognises it, allowing for people to have them...
Is there some government agenda? All the coins from china belong to state?  

China is a weird as fuck country, I don't really get it, but nonetheless, this is great news for Bitcoin. Even tho Bitcoin doesn't really need the approval or banning of a country to make it legitimate since its legitimacy depends on the math that runs the algorithm and not some politician idiots saying things about it, this helps the average Joe drone that listens to what the government says about things in order to determine if something is good or bad.

Therefore, this is just more bullish news. Anyone trying to be a smartass by shorting on good news is about to get burned.

You should read the article, it's not very long or complicated. It's about better protecting digital assets that citizens own. This would make it easier to pass judgement in cases of digital theft, for example. People will be better protected when handling digital assets

I'm sure this is a horrible thought to all the libertarians who'd like to see as little 'government interference' as possible haha.

[the_poet]

I think that, given most of the daily BTC transaction volume happens in China, they consider Bitcoin as something over which they have a sort of "ownership". Bitcoin is a global currency/store of value and IMO through it they think they can play an even more important role in the future international economy, so they have to make it bigger and bigger.

[Karartma1]

How to read this news?

They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.

You can have NO bill saying Bitcoin is this or that. 

[rtrtcrypto]

This bill is very important for adoption... if this passes, it would mean that scams in BTC can be taken to China court. It would also mean that more legitimate investment vehicles are allowed to expose "normal" investors to BTC, etc. It both brings in more "everyday" users and also makes scams more difficult (higher penalties).

How to read this news?

They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.

You can have NO bill saying Bitcoin is this or that. 

[Snorek]

You should read the article, it's not very long or complicated. It's about better protecting digital assets that citizens own. This would make it easier to pass judgement in cases of digital theft, for example. People will be better protected when handling digital assets

I'm sure this is a horrible thought to all the libertarians who'd like to see as little 'government interference' as possible haha.

Why don't we all follow Switzerland and Denmark example? At least for now. They aren't regulating Bitcoin at all!
Mainly because they don't perceive Bitcoin as a big enough phenomenon to require legislating and I find this approach the ideal way so far.

Governments are so eager to act but most of bitcoin legislation so far is either dead, harsh, or stupid.

[Kprawn]

Isn't it strange that of all things, communist country like China recognises
and empowers bitcoin among citizens?
Country that hardly cant accept private property in its ideological core, establishes
bitcoin laws and recognises it, allowing for people to have them...
Is there some government agenda? All the coins from china belong to state?  

Well, they do have the largest mining farms in the world and they have the biggest Bitcoin volumes of all exchanges {If you can believe the stats they offering} The only rational reason for them to do

this, could be to protect their citizens or to classify it as a property so that they can regulate it. I doubt if there are any dark hidden agenda behind this, but it will make it easier for them to seize it, if

it was used for something illegal. { hacked exchanges or money laundering }

[Carlton Banks]

They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.

You can have NO bill saying Bitcoin is this or that.  

Exactly.

The Chinese state is protecting alright: protecting their own tax-slavery protection racket. Chinese Bitcoiners can secure their own property rights perfectly adequately without the Chinese mafia state "protecting" anything. This is exactly how any state works: when they want to start controlling some aspect of the serfs lives, they start writing rules.

The real threat to Chinese (and all people's) BTC holdings is the state. They have no power to arbitrate Bitcoin anyhow; if someone was stolen from, they could do very little to get the BTC back without some physical evidence trail. I hope this sort of public promotion accelerates the rot of these gangs of genocidal jackals who use the pseudonym of "the state" to deceive and enslave.

[Karartma1]

They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.

You can have NO bill saying Bitcoin is this or that.  

Exactly.

The Chinese state is protecting alright: protecting their own tax-slavery protection racket. Chinese Bitcoiners can secure their own property rights perfectly adequately without the Chinese mafia state "protecting" anything. This is exactly how any state works: when they want to start controlling some aspect of the serfs lives, they start writing rules.

The real threat to Chinese (and all people's) BTC holdings is the state. They have no power to arbitrate Bitcoin anyhow; if someone was stolen from, they could do very little to get the BTC back without some physical evidence trail. I hope this sort of public promotion accelerates the rot of these gangs of genocidal jackals who use the pseudonym of "the state" to deceive and enslave.

First they ignore you,
most of us ignored it at first
then they laugh at you,
what? cryptomoney? internet money? you kidding?
then they fight you,
https://bitcointalk.org/index.php?topic=590156.0
then you win.
well, we have not won yet but we are getting there

 

[the_poet]

They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.

You can have NO bill saying Bitcoin is this or that. 

Exactly.

The Chinese state is protecting alright: protecting their own tax-slavery protection racket. Chinese Bitcoiners can secure their own property rights perfectly adequately without the Chinese mafia state "protecting" anything. This is exactly how any state works: when they want to start controlling some aspect of the serfs lives, they start writing rules.

The real threat to Chinese (and all people's) BTC holdings is the state. They have no power to arbitrate Bitcoin anyhow; if someone was stolen from, they could do very little to get the BTC back without some physical evidence trail. I hope this sort of public promotion accelerates the rot of these gangs of genocidal jackals who use the pseudonym of "the state" to deceive and enslave.

First they ignore you,
most of us ignored it at first
then they laugh at you,
what? cryptomoney? internet money? you kidding?
then they fight you,
https://bitcointalk.org/index.php?topic=590156.0
then you win.
well, we have not won yet but we are getting there

 

Exactly, I remember when the Chinese govt banned BTC.

[Raimonn]

This draft is better than old drafts, when china wanted to ban bitcoin, but will be best if they recognize bitcoin as a currency, not a digital virtual property.