CZ Advocates for 'Will Feature' to Safeguard Cryptocurrency Legacy Amid Estate Concerns

Binance founder Changpeng Zhao (CZ) is calling on cryptocurrency platforms to implement a "will function" to address the increasing need for dependable inheritance systems in the digital asset sector. CZ proposes that each platform should enable the distribution of assets to assigned accounts in specific proportions when a user passes away. He also urges regulators to permit minors to own cryptocurrency accounts for receiving payments, but not for trading.

This proposal came in response to concerns raised by the Web3 community about over $1 billion in cryptocurrency assets being transferred to centralized exchanges annually due to accidental deaths. In response, Binance launched an "emergency contacts and inheritance heir" feature, enabling users to nominate emergency contacts and make an application if their account becomes inactive for a long period or in the event of death.