Bitcoin and the Chinese Laws About Virtual Property

china-1184107_640The human is a complex being, this characteristic is intrinsic and is reflected in their different behaviors, society make up all these individual variables, which is lived and created in a more complex issue, the important thing would be trying to join efforts on the strengths, work as a team to generate maximum wealth that can translate into quality of life for all, respecting differences, is a challenge which humanity should take to improve.

Is because that technology must point to understand what it is that the consumer of this era of telecommunications and information required, as example it can mention that in recent days the State of North Carolina of the United States of America, took a step believed to be is crucial to recognize that the Bitcoin and Blockchain technology need to be recognized as generators of wealth, it is in a process of creating a Legal framework that will help the involved companies.

Now in China, the National People’s Congress, the legislature of that nation, has launched a law project within the Civil Code, as adopted it would provide a Legal definition for the Virtual Property. Realized it would be a great step forward and give protection to many developers that with all their creativity they will have the ability to continue creating wealth and wellbeing for those involved directly and indirectly.

Concerns arise, the law could be extended to assets based on Blockchain to the inclusion of Bitcoin and other digital currencies, these assertions are initiated by the communications of the local trading of OTC BitKhan Company.

Meanwhile, Broad and Sun Roland partner, look it like a legal advantage Blockchain Chinese Consortium’s Ledger, stated that the original project, does not contain any specific reference to digital currencies or Bitcoin in particular, this are affirmed by other local sources.

ChinaLedger is a consortium of research and development led by laboratories Wanxiang Blockchain and it focuses on blockchain technologies, was founded in 2016.

Sun Roland, says, that the law project is well designed to address long-standing conflicts related to properties in the online games theft, although it recognized that the definition could be extended to include digital currencies, he said there is a “long way to go” until such law can be enacted.

Sun Roland in an interview that offered to CoinDesk, said “I do not expect a firm property rights legislative recognition to owners of Crypto-currencies in the next five or six years”. However, he said is “a matter of time”, before Chinese lawmakers will have to make a decision on how to classify digital currencies, following in this way the steps of regulators in the United States, Australia, United Kingdom and Japan, which are those who have spoken about more progress at the international level topic.


Disclaimer: This press release is for informational purposes information only. Information does not constitute an investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to Infocoin.

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