Changpeng Zhao: ”Virtual currencies also need a 'will function'”... Promoting asset distribution upon death

Changpeng Zhao, founder and former CEO of Binance
Chang Peng has added a “will function” to its cryptocurrency platform.
On the 19th (local time) through X, Cho said, "People tend to avoid this topic, but humans cannot live forever,"
"All platforms must have a 'will' function to ensure that upon a user's death, assets are distributed to designated accounts in pre-determined proportions," he stressed.
The argument is that a user's digital assets must be safely distributed to designated individuals even after death.
These comments came shortly after Binance introduced the “emergency contact and inheritance features” in an update on June 12.
This feature allows designated emergency contacts to be notified if a user dies or is unable to access their account for an extended period of time, allowing them to initiate inheritance procedures.
X user CryptobraveHQ welcomed Binance's new features, calling them a "really thoughtful update." He said, "We're a company that makes over $1 billion in crypto assets every year.
"The number of tokens lost due to sudden death and poor inheritance mechanisms has increased," the statement said. Other community users also welcomed the feature, but some also pointed out its limitations.
"A Binance account is more than just crypto assets. The content it contains, your social presence, your influence within the community, and other intangible assets are more important," said one user.
"It's possible that the entire account should be inheritable," he said, suggesting that the entire account should be inheritable. X user Ghazi said, "This is a reality that can no longer be ignored" and that the inheritance of digital assets should be made easier.
"This feature is a step forward towards true decentralization," said a user named Binn, who emphasized the need for preparations. "Now users have the assurance that their digital assets will be safely inherited."
In fact, in 2023, Dubai-based lawyer Irina Heaver said, "When an individual who holds crypto assets dies, the estate can be inherited."
"Frequently, families are unable to access their assets and are ultimately unable to recover them," he said, warning people to make sure they include crypto assets in their estate plans before they die.
In particular, the majority of cryptocurrency investors are young people between the ages of 27 and 42, and are often lacking in preparation for the distribution of their assets after death.
He said, "It is necessary to at least prepare a will," and that it should not just state that there are assets, but should include specific technical guidelines, such as the wallet approach.
He emphasized that this should be done.