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.

According to reports, the new draft law was created as part of the recent Conference of the NPC Standing Committee. The draft is created keeping the changing global economic landscape in mind. It is said to consider virtual networks, data, and information as properties almost on par with physical and financial assets, thereby bringing them under the purview of Civil rights that are applicable to property in general.

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. So far, digital currencies did not have any legal status in the country, which was exploited by criminals and confidence men to create elaborate investment programs and pyramid schemes.

Bitcoin and other virtual properties are conferred legal status by the amendments made to Article 111 and Article 108. Article 111 deals with rights associated

Read more ... source: TheBitcoinNews