Russia to launch service to pass Bitcoin wallet keys to heirs

In Russia, a blockchain-based service will be developed to transfer digital information by inheritance. The creators say that with its help one will be able to store “digital data and assets — from social media passwords to Bitcoin-wallet keys.”

Representatives of the National Technology Initiative (NTI) said that users will be able to place digital information through the service with the possibility of transferring it to designated recipients after at least six months.

“The number of digital assets is increasing — this includes crypto wallets, social media pages, and channels in messaging apps. Therefore the question arises: how to preserve digital information and pass it to heirs, for instance, in 50 years?” ForkLog told NTI.

The data will be stored in encrypted form on SberCloud and duplicated on DropBox and other platforms.

In the so-called “time capsule” you can place not only passwords, but also media files, texts, or coordinates of the location of valuable items. Registered users will be able to access it via a link.

“The main task is to ensure security and prevent data leaks. We will use encryption technologies, artificial intelligence, and also blockchain, which is currently used mainly for selling digital assets, and we want to attract it to their preservation,” said project head Dmitry Izvekov.

The plan is to attract 2–3 million rubles for the creation of the service. Among the developers are MGIMO, Lomonosov Moscow State University and MEPhI.

ForkLog sought comment from NTI, but at the time of writing had not received a response.

Earlier, in June, Pavel Krasheninnikov, head of the State Duma committee on state construction and legislation, spoke about the possible inclusion of cryptocurrencies in the Civil Code of the Russian Federation. He said that codifying cryptocurrencies in the Civil Code would help regulate inheritance issues, “in cases of divorce, bankruptcy, and so on”.

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