By Charles Mkoka
Dar es Salaam — The world’s largest cryptocurrency exchange, Binance, has introduced a new inheritance feature that allows users to assign emergency contacts who can claim their digital assets in the event of death — a move that has sparked global conversation around the future of wealth transfer in the digital age.
The feature, introduced as part of Binance’s June 12 update, includes a “will function” that notifies a designated emergency contact after a user’s prolonged inactivity.
That contact may then initiate a claim to the user's crypto holdings, pending verification.
Binance founder Changpeng “CZ” Zhao, who stepped down as CEO in 2023, emphasized the importance of this function, saying, “This is a topic people avoid, but the fact is, humans cannot live forever. Every platform should have a ‘will function’ to distribute assets to designated beneficiaries.”
While this development has been widely welcomed by the global crypto community, it also highlights an emerging gap in digital financial planning — one that affects Tanzanians as well, particularly the growing number of youth engaging in cryptocurrency trading and digital investments.
In Tanzania, where financial inclusion is steadily rising and youth are increasingly drawn to blockchain technology, such a feature could offer a solution to a problem many families may soon face — accessing digital wealth after a loved one’s passing.
“This is a wake-up call for Tanzanian crypto investors,” says Tumaini Bethuel, a local Forex and Crypto enthusiast residing in Dar es Salaam.
“Most investors between the ages of 25 and 40 aren’t thinking about wills or inheritance. But we now live in a digital economy, and planning for the future includes securing access to your digital assets.” He added.
In 2023, legal experts internationally warned that many families are left stranded, unable to access crypto wallets or funds after the death of a loved one.
Without documented access instructions or designated heirs, millions in digital assets may remain lost forever.
In Tanzania, conversations around estate planning often revolve around land, pensions, or physical property, but little has been discussed about how to manage or inherit crypto wallets, mobile money accounts, or digital investment platforms like Binance, Trust Wallet or Coinbase Wallet for crypto, let alone for mobiles SIM Banking or e-Wallets.
As Tanzania works to modernize its financial and legal systems, industry leaders are now calling for clear frameworks for digital asset inheritance, as well as public awareness to help citizens understand the long-term implications of their digital portfolios.