Russians who Own Crypto Assets have been Warned About the Difficulties in Passing it on by Inheritance
OREANDA-NEWS. According to experts of the Federal Notary Chamber of Russia, the country has not developed a mechanism for citizens to bequeath bitcoin or any other cryptocurrency to their family members. The experts of the Notary Chamber stressed that there are both legal and technical problems.
«Even taking into account the current amendments to the legislation, the mechanism of inheritance of the cryptocurrency remains unclear. The fact is that one of the most important roles in notarial proceedings is played by accurate identification and confirmation of the ownership of property to a citizen. In turn, depersonalized virtual wallets do not allow you to accurately find out such nuances, which causes difficulties in transferring access to “virtual money” to the heirs», the FNP stressed.
Anyone who has such digital assets and is already thinking about how to preserve their value and profitability for posterity, notaries are advised to take care of making a will in advance. It is this document that will allow you to clearly state what kind of property a citizen wants to transfer to his heirs, and, if necessary, assign them certain duties (for example, continue to maintain or delete the testator's account in a social network).