Kyrgyz lawmakers weigh bill to make electronic money inheritable

BISHKEK, Kyrgyzstan (MNTV) — A draft law submitted to the Zhogorku Kenesh would, for the first time, establish legal procedures for the inheritance of electronic money in Kyrgyzstan, according to 24.kg.

The bill proposes amendments to several laws to formally recognize electronic money as an object of civil rights and ensure its transfer to heirs.

Under the proposed changes, a provision would be added to the Civil Code stating that electronic money forms part of a person’s property. This would place digital wallets and their balances on equal legal footing with traditional bank accounts for inheritance purposes.

Amendments to the Law “On the Payment System” would require issuers of electronic money, upon notification from a notary or heirs, to block outgoing transactions after the holder’s death, disclose account balances and transfer funds once inheritance rights are confirmed.

The draft also calls for revisions to the Law “On Banks and Banking Activity,” obligating banks to provide notaries with information not only on deposits, but also on electronic money holdings, safe deposit boxes, precious metal accounts and other assets belonging to the deceased.

According to an explanatory note accompanying the bill, more than 6.6 million electronic wallets are registered in the country. Lawmakers say the absence of unified inheritance rules has led to disputes and inconsistent legal interpretations.

The proposal has been coordinated with key ministries, the National Bank of the Kyrgyz Republic and the Notary Chamber of the Kyrgyz Republic. Government agencies raised few objections, though certain proposals from the State Committee for National Security were not incorporated into the draft.