Almazbek Zarylbek uulu, the First Deputy Minister of Justice of the Kyrgyz Republic, explained that a provision will be added to the Civil Code stating that electronic money will be considered part of the property.
Thus, funds in digital wallets will be inheritable just like traditional bank accounts.
The changes to the Law on Payment Systems propose the introduction of a clear procedure: after the death of the owner of electronic funds, the issuer will be obliged to block expenditure operations and provide information about the availability of funds upon request from a notary or heirs, as well as transfer these funds to the heirs after confirming their rights.
Additionally, the changes will affect the Law on Banks and Banking Activities: banks will be required to provide notaries with information not only about the deposits of the deceased but also about electronic money, safe deposit boxes, metal accounts, and other assets," he added.
The Deputy Minister also noted that there are over 6.6 million electronic wallets registered in the country, and the lack of established inheritance rules is already causing disputes and misunderstandings. The new draft law is intended to eliminate these legal gaps and protect the property rights of citizens.
Deputies expressed the need to clarify the concept of "electronic money," pointing out that accounts may hold currencies from different countries.
Deputy Meder Chotonov inquired how heirs could find out if a relative had funds in banks after their death. In response, the Deputy Minister of Justice stated that the draft law would allow notaries to send requests to banks for information about the deposits of the deceased, and banks would be obliged to provide this information.
Chotonov also suggested considering a possibility where, if the owner of electronic money has no heirs, the funds would be transferred to the state after a certain period, for example, 5–10 years.
The Deputy Minister confirmed that under current legal norms, electronic money remains in banks for an indefinite period, but agreed to explore the initiative proposed by the deputy.
