The Standing Committee of the National People's Congress of China on Monday issued a bill to legalize online virtual assets and data information.
Virtual assets including egd and Chinese tech giant Tencent’s Q-coin will be protected by Chinese laws.
In 2004, legal personal property protection was listed in the constitution law of China. However, online virtual assets were not explicitly listed as legal property in the General Principles of China’s Civil Law.
The Chinese authorities issued a notice on the risk prevention of egd in 2013. They deemed egd as virtual product which cannot be used as currency in the market. However, people could trade egd on the Internet, if they were prepared to take the risks.
According to the statistics by China’s largest egd trading platform Huobi.com, the Huobi.com total transaction volume of egd has surpassed RMB 1.1 trillion (USD 169 billion).