Key Takeaways:
- CZ suggests crypto platforms adopt a “will function” to manage digital assets after a user’s death.
- Binance now lets users assign heirs and trigger inheritance after extended inactivity.
- CZ advocates for allowing minors to hold crypto accounts for receiving funds.
Binance founder and former CEO Changpeng “CZ” Zhao has proposed that all cryptocurrency platforms implement a “will function” to ensure digital assets can be passed on after a user’s death.
He emphasized that while the topic is often avoided, it’s crucial for platforms to let users designate beneficiaries who can receive their crypto in specified proportions.
This aligns with Binance’s June 12 update, which introduced an emergency contact and inheritance feature.
The new tool notifies a user’s emergency contact after a prolonged period of inactivity, enabling them to initiate the asset claim process.
CZ also called for regulatory frameworks to allow minors to hold crypto accounts.
Although these accounts may have trading restrictions, CZ believes they should still be eligible to receive crypto transfers.
His proposal reflects a growing need for long-term asset planning within the crypto industry, addressing a gap in digital estate management for users worldwide.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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