Binance founder Changpeng Zhao (CZ) has proposed that all crypto platforms implement a “will function” to enable the transfer of assets to designated beneficiaries when users pass away, addressing the issue of lost crypto due to lack of estate planning. He also suggested allowing minors to have accounts specifically for receiving funds, likely to facilitate inheritance or gifting in crypto.
These ideas aim to improve accessibility and long-term asset management in the crypto space, though they raise complex privacy and security questions. For example, a “will function” would require secure mechanisms to verify a user’s passing and execute transfers without compromising privacy or enabling fraud. Similarly, allowing minors to receive funds might conflict with existing financial regulations, like KYC (Know Your Customer) requirements, which vary globally and often restrict minors from holding accounts due to legal and guardianship concerns.
CZ’s remarks, shared via a post on X, reflect ongoing discussions about crypto inheritance and inclusivity. No crypto platform currently offers a native “will function” though some, like Ethereum-based wallets, allow smart contracts for automated transfers (which users must set up themselves). Regulatory hurdles and technical challenges, like securely storing sensitive data for inheritance, remain barriers. On minors’ accounts, most platforms, including Binance, prohibit users under 18 due to compliance with anti-money laundering (AML) laws.
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It prevents loss of crypto assets when users die without sharing private keys or recovery phrases. Currently, billions in crypto are estimated to be inaccessible due to deceased owners (e.g., cases like QuadrigaCX). Encourages adoption by addressing long-term asset management, appealing to older or institutional investors planning estates.
Could spur development of secure, decentralized inheritance solutions, like smart contracts or multi-signature wallets tied to legal triggers (e.g., death certificates). Storing sensitive data (e.g., beneficiary details, proof of death) on centralized platforms risks breaches or misuse. Hackers could target “will functions” to redirect assets, requiring robust encryption and verification.
Different jurisdictions have varying inheritance laws, complicating global implementation. Tax authorities might demand access to monitor transfers. Decentralized platforms would need standardized protocols, while centralized ones risk becoming single points of failure.
Financial Inclusion enables younger generations to inherit or receive crypto gifts, fostering early exposure to digital assets. Family Planning simplifies parental or guardian gifting for future financial security (e.g., college funds in stablecoins). Market Growth expands the user base, potentially increasing platform revenue and crypto adoption.
Most countries’ KYC/AML laws restrict minors from financial accounts without guardian oversight, creating legal conflicts. Minors could be targeted by scams or coerced into sharing access, necessitating strict safeguards. Platforms would need mechanisms to ensure guardians manage accounts until minors reach legal age, adding complexity.
Critics might argue it encourages speculative behavior in children or exposes them to volatile markets. Enthusiasts on X and elsewhere often support CZ’s ideas, viewing them as steps toward mainstream adoption and user empowerment. They argue crypto should bypass traditional financial gatekeepers, enabling novel solutions like on-chain wills.
Financial authorities (e.g., SEC, FATF) prioritize consumer protection and compliance. They’re likely to oppose minors’ accounts without strict oversight and demand “will functions” align with tax and inheritance laws, slowing implementation. This divide fuels debates about decentralization vs. centralized control.
Centralized Platforms (e.g., Binance, Coinbase): Could implement “will functions” faster but face trust issues (users fear data misuse or platform insolvency). Minors’ accounts are feasible but would require heavy KYC/guardian integration. Decentralized Platforms (e.g., Ethereum, Uniswap): Offer technical solutions (smart contracts for wills, non-custodial wallets for minors) but lack user-friendly interfaces and legal recognition. Users must be tech-savvy, creating an accessibility gap.
Developed Economies have stringent regulations and established inheritance systems, making CZ’s proposals harder to implement without legal reforms. Users here demand high security and privacy. Developing Economies often lack robust financial systems, so crypto inheritance and minors’ accounts could leapfrog traditional barriers. However, limited internet access and regulatory uncertainty hinder adoption.
Older users likely support “will functions” for estate planning but may resist crypto’s complexity or distrust platforms with personal data. Younger Users favor minors’ accounts for inclusion but face parental and legal restrictions. They’re also more open to crypto but less focused on long-term planning.
Tech-Savvy can already use workarounds (e.g., smart contracts, multi-sig wallets) but want seamless integration. They’re vocal on X, pushing for CZ’s ideas. Non-Tech-Savvy rely on centralized platforms and need simple, secure solutions. Without education, they’re at risk of errors or scams, widening the adoption gap.
CZ’s suggestions, shared via X, tap into ongoing crypto debates about legacy, inclusivity, and regulation. Posts on X show mixed reactions: some praise the vision, others question feasibility or suspect it’s a PR move.
No major platform has a native “will function” yet, though firms like Casa and Safe Haven offer third-party inheritance tools. Minors’ accounts remain rare due to legal barriers, with platforms like Cash App allowing limited teen accounts under parental supervision.
Implications of JD.com’s HKD-Pegged Stablecoin Testing
JD.com, one of China’s largest e-commerce platforms, through its subsidiary JD Coinlink, is testing compliant stablecoins pegged to the Hong Kong dollar (HKD) within the Hong Kong Monetary Authority’s (HKMA) regulatory sandbox. The company aims to launch HKD-pegged stablecoins by Q4 2025 for cross-border payments, retail, and trading, with potential plans to issue offshore yuan-pegged stablecoins pending Beijing’s approval.
CEO Liu Peng claims the stablecoins could reduce transaction times from days to seconds and cut costs by up to 90%. Hong Kong’s new stablecoin law, effective August 1, 2025, supports this initiative by establishing a licensing regime for fiat-referenced stablecoin issuers. JD.com’s stablecoin could reduce transaction times from days to seconds, streamlining cross-border payments for e-commerce. This could enhance efficiency for JD.com’s 600 million+ users and global merchants, potentially increasing trade volumes.
A claimed 90% reduction in transaction costs could lower fees for consumers and merchants, making JD.com’s platform more competitive against rivals like Alibaba and Pinduoduo. Testing within the HKMA’s sandbox aligns with Hong Kong’s ambition to lead in regulated digital assets. The new stablecoin law (effective August 1, 2025) fosters innovation while ensuring stability, potentially attracting more fintech investment.
Success could encourage other Chinese firms to explore stablecoins, particularly if JD Coinlink expands to offshore yuan-pegged stablecoins. This might challenge existing payment systems like Alipay and WeChat Pay, though regulatory approval from Beijing remains a hurdle. Pegging to the HKD, which is tied to the USD, ensures price stability, making the stablecoin attractive for retail and trading. However, it could face scrutiny if China’s government prioritizes yuan-based systems.
The initiative highlights Hong Kong’s semi-autonomous financial system, which allows stablecoin experimentation under HKMA oversight, unlike mainland China’s stricter crypto regulations. This could deepen the financial policy divide between Hong Kong and Beijing. A successful HKD-pegged stablecoin could position Hong Kong as a bridge between China’s economy and global markets, potentially countering USD-dominated stablecoins like USDT or USDC.
Beijing’s cautious stance on cryptocurrencies may limit JD.com’s ability to issue yuan-pegged stablecoins. Any expansion would require navigating China’s capital controls and anti-crypto policies. The HKMA’s sandbox and new stablecoin law create a controlled environment for innovation. Hong Kong’s USD-pegged currency and open financial system make it a testing ground for stablecoins.
China bans crypto trading and mining, prioritizing the digital yuan (e-CNY). Stablecoins, especially those not tied to the yuan, face heavy scrutiny, limiting JD.com’s mainland ambitions. Hong Kong aims to maintain its status as a global financial hub by embracing fintech, including blockchain and stablecoins. Mainland China focuses on state-controlled digital currency (e-CNY) to enhance monetary policy control and reduce reliance on foreign financial systems.
The company can leverage Hong Kong’s permissive environment to test and deploy stablecoins but may face restrictions scaling to mainland China, where e-CNY dominates. This creates a operational divide, with Hong Kong serving as a testing hub and mainland China as a restricted market. If Beijing approves yuan-pegged stablecoins, JD.com could integrate its system with China’s broader digital economy. Without approval, the stablecoin may remain confined to Hong Kong and select markets.
The divide could position Hong Kong as a stablecoin hub, competing with Singapore or Dubai, while mainland China’s policies may limit its global fintech influence. JD.com’s stablecoin initiative could transform e-commerce payments and bolster Hong Kong’s fintech ecosystem but underscores a broader divide between Hong Kong’s liberalized financial policies and mainland China’s tightly controlled system.