She noted that amendments had previously been made to the law concerning the protection of bank deposits, which now includes issuers of electronic money if they are banks and fall under the protection of the Deposit Protection Agency. Currently, electronic wallets are actively used in the financial market alongside traditional bank accounts.
“We propose to extend the practice of inheritance transfer, which applies to bank accounts, to electronic wallets, as the number of their holders is increasing and the volume of funds in them is quite substantial,” Zhaparoа stated.
She also added that this decision takes into account the growth of funds held by the population in electronic wallets and has been supported by the Ministry of Justice. The next step is the consideration of the bill in the Jogorku Kenesh.
Reference
LAW OF THE KYRGYZ REPUBLIC
“On Amendments to Certain Legislative Acts of the Kyrgyz Republic Regarding the Inheritance of Electronic Money”
Article 1
Part II of the Civil Code of the Kyrgyz Republic (Bulletin of the Jogorku Kenesh of the Kyrgyz Republic, 1998, No. 6, Art. 226) is amended as follows:
1) Part 1 of Article 1120 is stated in the following wording:
“1. The inheritance includes all rights and obligations, including rights to electronic money and other digital assets, existing at the time of the opening of the inheritance and not ceasing to exist at the moment of the testator's death.”;
Article 2
1. The Law of the Kyrgyz Republic “On the Payment System of the Kyrgyz Republic” (Bulletin of the Jogorku Kenesh of the Kyrgyz Republic, 2015, No. 1, Art. 21) is amended as follows:
1) Article 6 is supplemented by Parts 12 and 13 of the following content:
“12. In the event of the death of the holder of electronic money, the rights to their return are included in the inheritance in accordance with the civil legislation of the Kyrgyz Republic.
13. The issuer of electronic money is obliged, upon receiving official notification of the death of the holder:
1) to cease operations on the deceased's wallet;
2) to provide the notary, upon request, with information about the presence of electronic money, their volume, and the details of the wallet;
3) to ensure the issuance or transfer of funds in the deceased's electronic wallet to the heirs or their legal representatives based on documents confirming inheritance rights as provided by the legislation of the Kyrgyz Republic.”;
Article 3
The Law of the Kyrgyz Republic “On Banks and Banking Activities” (newspaper “Erkin-Too” dated August 17, 2022, No. 72-74) is amended as follows:
1) In paragraph 5 of part 3 of Article 67, the words “deceased depositors” are replaced with “the presence of electronic money in the electronic wallets of deceased persons.”
Article 4
This Law shall enter into force ten days after its official publication.
