[2016-06-28]New Chinese Civil Law Draft Classifies Bitcoin as Property

[BTCBinary]

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...

http://www.newsbtc.com/2016/06/28/new-chinese-civil-law-draft-classifies-bitcoin-property/

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[BellaBitBit]

Interesting development.  I wonder if the US will change its policy as currently the IRS considers it a commodity.  The Chinese have it right in my opinion because classifying it as a property grants the usual civil protections of property:

"If implemented into the statute, the new draft will automatically consider bitcoin and other digital currency holdings as private property, making the owner eligible for legal protection against fraud and theft."

[DAOstock]

They finally realized that funneling money out of the country =)

[indiemax]

Great to see the Chinese government are realising if you can't beat em ,regulate and legitamise it,very encouraging

[gentlemand]

I can't see any explicit mention of crypto anywhere. For all we know it may end covering magic underpants in some online game and nothing else.