A new draft law has been presented to the Zhogorku Kenesh that, for the first time at the legislative level, establishes procedures for the inheritance of electronic money in Kyrgyzstan. The document proposes amendments to several laws in order to recognize electronic money as an object of civil rights and ensure its transfer to heirs.
Under the draft, a provision will be added to the Civil Code stating that electronic money forms part of a person’s property.
This means that digital wallets and the funds they contain may be inherited on an equal basis with traditional bank accounts.
Amendments to the Law «On the Payment System» introduce a detailed procedure: following the death of an electronic money holder, the issuer will be required, upon request from a notary or heirs, to block outgoing transactions, provide information on the balance, and transfer the funds to the heirs after confirmation of their rights.
Changes will also be made to the Law «On Banks and Banking Activity,» explicitly obligating banks to provide notaries with information not only on the deceased’s deposits, but also on electronic money, safe deposit boxes, precious metal accounts, and other assets.
According to background statement, more than 6.6 million electronic wallets are registered in the country, and the absence of unified inheritance rules has already led to disputes and inconsistent interpretations. The draft law is intended to eliminate legal gaps and protect citizens’ property rights.
The bill has been coordinated with key ministries, the National Bank of the Kyrgyz Republic, and the Notary Chamber of the Kyrgyz Republic. Almost no comments were received from government agencies, except for certain proposals from the State Committee for National Security, which were not incorporated into the draft.
