Binance founder and former CEO Changpeng “CZ” Zhao demanded that the encryption platform adopt “Will functionality” to enable users to distribute their digital assets when they die.
“This is a topic that people avoid, but the truth is that humans cannot live forever.” Write On X. “Every platform should have a ‘Will feature’ so that when someone no longer exists, their assets can be allocated to a designated account according to a specified proportion,” he said.
The phone is launching new emergency contact and inheritance features in the June 12 update, allowing users to designate heirs and ask their crypto assets if they die.
The update allows the platform to notify users of emergency contacts after long-term inactivity. The contact can then initiate an inheritance claim.
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The key to crypto community needs features
X user CryptoBraveHQ praised Binance’s new emergency feature, calling it “very thoughtful.” user claim More than $1 billion in crypto assets are unclaimed each year due to death and lack of appropriate mechanisms.
Other community members also welcomed the feature, but expressed concerns about its limitations. A user, uniswap12, explain This obligation illustrates the wealth and intangible value of markers, such as articles, social presence and community influence.
“This is more important to me than cash assets,” he noted, and he proposed the idea of transferring a full account to the heir, similar to how to pass a phone number.
Others responded to the need for a correct inheritance plan in Web3. x user ghazi Called This is “a reality that we cannot ignore” commend The update is a step towards real decentralization, saying users know their digital wealth can be passed.
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Needs to encrypt
In 2023, a lawyer based in Dubai Irina Heaver tells Cointelegraph Many families are unable to recover their assets after their loved ones die and urge holders to discuss their cryptocurrency and formally include it in real estate planning.
Heaver said that most crypto investors fall between the ages of 27 and 42, and the group is unlikely to prioritize the near-termination of financial arrangements. But, she said, preparing a will is the minimum step that investors should take.
Hennessy said the will must include detailed technical instructions on accessing digital assets, not just mentioning their existence.
