Meanwhile, several Chinese courts have recently ruled that bitcoin and ethereum are properties protected by law.

The third session of the 13th National People's Congress (NPC), China's top legislature, voted on and passed the "Civil Code of the People's Republic of China" on Thursday. In addition to general and supplementary provisions, the civil code "includes six parts on real rights, contracts, personality rights, marriage and family, inheritance, and tort liabilities," Xinhua News Agency reported.

Noting that the decision to draft a civil code was announced in October 2014 and the legislative process started in June 2016, the news outlet detailed:

"[The new civil code] states that the property rights of individuals are equally safeguarded to those of the State and collective, and online virtual assets are protected, too."

Wang Chen, vice chairman of the Standing Committee of the National People's Congress, told the session that "The compilation of the civil code is an important component of the plans of the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at the core for developing the rule of law," the publication conveyed. This new civil code will enter into force on Jan. 1, 2021.