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

[BITMAIN_Lunna]

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 and general data-based information would become officially recognized as “Civil Rights Objects” across the country.

Dan Li, operating manager of Chinese bitcoin news and information site BTCKan, said the new draft is good news, and a positive step that will encourage the bitcoin community to grow.

        I think the law indeed gives Bitcoin fans a new confidential atmosphere to go further on blockchain technology.

BTCKan also reported the new General Provisions Draft could give bitcoin users new legal channels in case of theft – treating them as similar to personal data stolen in an information leak or hack. The same rule would apply to non-blockchain-based digital assets such as tokens earned in games.
Legal Background

ChinaThe Draft was released during a session of the 12th National People’s Congress Standing Committee (China’s Congress) in Beijing on June 27th.

It contains two articles concerning virtual properties and data-based information. The first is Article 104, which states that “Objects” includes “immovables and movables.” Specific rights or virtual properties defined as “property rights objects” by the law shall now be treated accordingly. The second is Article 108.2.8, concerning Intellectual Property and data information.

The new laws come as the result of years of legal battles over personal data and digital property in China, as technology advances mean more and more of people’s possessions have no physical form.

China’s Civil Law defines items that can be considered citizens’ private property as: “legal income, real estate, deposits, livelihood appliances, historical relics, books and materials, forests and woods, livestock, other means of production granted by laws and other legal properties.” Non-tangible items were not explicitly mentioned.


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

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[BellaBitBit]

Good news.  China is moving forward logically by recognizing that in order for people to feel safe with it as an investment it needs to be protected like all other personal properties.  Sure, this takes away from btc as a currency but I think this is good for adoption.

[Maesters1-]

that is some think new and i think such a good idea. i think it will increase the popularity of bitcoin and will increase the people interest and will also raise the people confidence. such a good news in favour of bitcoin.

[Cresciuanto]

that is a good news. its mean that china is taking serious step in favour of bitcoin. i think they will legalize bitcoin in the near future. i have heard that the owner of One coin Lady Ruja legalize onecoin in china.

[StoreBit]

yes the news are wondering in the market for a long time but still there is no such conformation about this. if it is a fact and they really propose the new law about the conformation of bitcoin. then it is such a good news and it will really increase the value of bitcoin very high.

[abugseuf]

some people are thinking that china is holding bitcoin. i think they are just looking after their citizen and they give importance to the wishes and interest of their people and that is the reason that china is taking such a positive step in four of bitcoin.

[Cresciuanto]

some people are thinking that china is holding bitcoin. i think they are just looking after their citizen and they give importance to the wishes and interest of their people and that is the reason that china is taking such a positive step in four of bitcoin.

yes it is a fact some people are thinking that japan is the founder of bitcoin and they are doing this just to fell down the value of USD. but i think no one know about this. and these are just the speculation and no justification about this statement.

[Gahs]

China has always been one of the foremost advocates of bitcoins. The number Chinese miners alone, can have a significant impact on the price of btc should they decide to stop working for one week.

[zodin]

China has always been one of the foremost advocates of bitcoins. The number Chinese miners alone, can have a significant impact on the price of btc should they decide to stop working for one week.

yes that is right because they have a large number of people working here in this form i think most of the investor are also there from china. that is why they have a great impact on bitcoin.

[Maesters1-]

China has always been one of the foremost advocates of bitcoins. The number Chinese miners alone, can have a significant impact on the price of btc should they decide to stop working for one week.

yes it is a fact that there are a lot of chines who love bitcoin and invested a lot of money in bitcoin, the chines miners are also in good number. they can really influence the bitcoin if they stop mining. and that may be the reason that the government of china is taking serious steps about bitcoin to legalize it or at least to think about it.

[Universat]

China has always been one of the foremost advocates of bitcoins. The number Chinese miners alone, can have a significant impact on the price of btc should they decide to stop working for one week.

although china is the big supporter of bitcoin but still their government not yet officially cosider bitcoin as a legal currency, i thing they should take the initial step toward the legalization of bitcoin so that other countries can follow them without any fear and cosider bitcoin as a legal currency.

[Universat]

China has always been one of the foremost advocates of bitcoins. The number Chinese miners alone, can have a significant impact on the price of btc should they decide to stop working for one week.

although china is the big supporter of bitcoin but still their government not yet officially cosider bitcoin as a legal currency, i thing they should take the initial step toward the legalization of bitcoin so that other countries can follow them without any fear and cosider bitcoin as a legal currency.

[easy68]

Good news, I think this is the development of the comparative advantage of the currency, it improves people's confidence, but also led to the interests of other people. Hope bitcoin can be recognized by more countries.

[kuyua]

I think this is the first step in the development of China bitcoin, first recognized, and then further promotion, so that more people realize that bitcoin.