Proposed law in China would extend consumer protections to Bitcoin, viritual goods

A new law proposed in China would extend consumer protections usually associated with physical assets to virtual properties, including Bitcoin for the first time.

The draft law, a proposed new Civil Code General Provision, is said to have been created to keep up with a changing global economic landscape and would treat Bitcoin and other cryptocurrencies, online gaming tokens and general data-based information almost on par with physical and financial assets, thereby bringing them under the purview of Civil rights that are applicable to property in general, NewsBTC reported.

To date digital currencies have no legal status in China, and are often exploited by scammers, such is in the case of the MMM Bitcoin scam which is rampant in the country; if the proposed legal changes were adopted owners of Bitcoin, other cryptocurrencies, and virtual properties would be eligible for legal protection from fraud and theft, including cases of Bitcoin theft being treated in a similar way to personal stolen data.

The proposed changes to the law would update a Chinese constitutional amendment in 2004 that introduced Civil laws governing individual rights to personal property, including lawful income, housing, savings, household items,

Read more ... source: TheBitcoinNews