Binance founder and former CEO Changpeng “CZ” Zhao asked the crypto platforms to adopt a “would work” to enable users to distribute their digital ownership in the event of their death.
“It’s a topic that avoids people, but in reality, people can’t live forever,” CZ write In X. “Each platform must have a ‘work’ so that when a person is no longer around, their possessions can be distributed to designated accounts according to the specified proportion,” he said.
The call comes as Binance rolls a new feature of emergency contact and inheritance as part of the June 12 update, allowing users to assign heirs who can claim their crypto assets if they die.
Updating the platform allows a user’s emergency contact after a long inactive. That contact can start a claim to inheritance.
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Crypto community highlights need for Will function
X User CryptoBravehq praised Binance’s new emergency feature, calling it “really thoughtful.” The user claimed That is more than $ 1 billion in crypto properties is not said every year due to unnoticed death and lack of proper mechanism.
Other community members also accept the feature but have expressed concerns over its limits. A user, uniswap12, Says Binance accounts hold tokenized wealth and non -tangible values, such as articles, social gain and community influence.
“This is more important to me than cash assets,” he said, suggesting the idea of transferring the entire account to the heirs, similar to how the phone numbers could be passed.
Others shouted the need for proper web3 inheritance planning. X user ghazi Called It is “a fact that we cannot ignore,” while Binn praised Updating as a step toward real decentralization, which users say it would be safer to know their digital wealth could be passed.
Related: Big question: What are all crypto deaths?
The need for a crypto is
In 2023, the Dubai -based attorney Irina Heavy told cointelegraph That many families were left unable to recover the property after the death of a loved one, and encouraged holders to discuss their crypto and formally include it in estate planning.
Heaver said most crypto investors fall between the ages of 27 and 42, a group that is not likely to prioritize financial arrangements at the end of life. However, he said preparing a mood is the minimum step that investors should take.
Hennessy said Willas should include detailed, technical instructions for accessing digital assets, not just mentioning their existence.
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