At the end of June 2016, The National Peoples Congress has introduced a new draft of Chinas civil code. The draft will reportedly designate all virtual networks, data and information as property equal to physical and other financial assets, bringing them under the jurisdiction of civil rights that are applicable to property in general.
Until now, the Chinese government hasn’t express its vision on cryptocurrencies, being conscious of the possible effect on Chinas central currency, the yuan, though China should not fall behind the rest of the world in innovations such as Bitcoin and blockchain technologies.
However, the language of the proposed law is too vague to be certain that it will include digital currencies, according to ChinaLedger, a research and development consortium of Wanxiang Blockchain Labs in China.
Despite these reservations, the Chinese government, so far, has not denied that digital currencies would be included in the new law, according to nasdaq.com.
The Chinese constitution was amended in 2004 to introduce civil laws governing the individuals rights to own personal property, including lawful income, housing, savings, household items, books, reference materials, trees and livestock.
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