China's new law for protecting CryptoCurrency.

[kryptqnick]

What do you think about China’s new civil code protecting inherited cryptocurrency?

I think for a country whose crypto policy wasn't always favorable, it's a nice step towards recognizing cryptocurrencies. I am curious about the details, though, because if it means Bitcoin's considered property and one has to pay heavy taxes to inherit BTC, then it's not such good news. Plus Botnake also pointed out it doesn't apply to individuals with Bitcoin wallets, and that doesn't sound good. In fact, this would push people not to hold their cryptos privately, so that in the event of their death one could inherit them. And the question of private keys is very relevant here.

[AakZaki]

China is indeed one step ahead of other countries. The rules for deciding cryptocurrency as a property that must be protected by law is a good decision.
Inheritance in the form of virtual assets or digital currency in the form of bitcoin will be fully protected by law in China. That way assets owned by people who have died can be inherited to the intended person so that assets will not be lost or just disappear.
This new civil law will be issued and enacted on January 1, 2021.

[Sadlife]

Yeah, pass them bitcoins to the second, third, fourth, or even tenth generations until they can be allowed to spend it on something.

This could be beneficial for Cryptocurrency as we know it only has limited supply by this method those people who will inherit the Crypto's will have restrictions on spending because the family consider it as a legitimate asset to hold and will have second thoughts on burning it out on buying things or converting it to cash.

[MCobian]

In my opinion the new law regarding inheritance related to cryptocurrency by China is actually very positive. But China makes it
the new law definitely aims to want income in the form of tax. So protecting cryptocurrency is actually used as an excuse to impose
taxes. And I'm sure other countries will follow in China's footsteps.