According to a recent report, the UK is likely to become a global hub for blockchain technology by 2022.
The analysis was conducted by the Big Innovation Centre, DAG Global and Deep Knowledge Analytics. Taking into consideration the £500m-plus worth of investments made into UK blockchain companies over the past two years, the report further concludes that Britain has the infrastructure and resources, as well as the government backing, in order to become a leader in cryptocurrencies.
If cryptocurrencies are going to become a mainstream form of monetary exchange in the future, it is crucial to consider the way in which they can be passed through inheritance and, overall, how to treat them similarly to traditional currencies.
The complicated issue of cryptocurrency inheritance has been recently highlighted in a U.S. case, in which the father of a deceased bitcoin miner was unable to access his son’s account and claim back the value of his bitcoins. It is further estimated that around $20 billion worth of bitcoins have been lost, either due to negligence or death of the account holder. This statistic does not include the lost value of other cryptocurrencies.
There is currently no legislation regarding cryptocurrency or cryptocurrency inheritance within the UK. It has been suggested by various cryptocurrency news sources that account holders should write down their details and give them to their beneficiary. However, if this information is lost or stolen, their beneficiary will not be able to claim their inheritance. A safer method involves splitting access to funds between multiple trusted parties and requiring each of their signatures in order to gain access to the account.
Expert Digital Currency Solicitors, London
Here at Selachii, our specialist cryptocurrency and Bitcoin solicitors are highly experienced in the risks associated with Bitcoin. We work with both businesses and private individuals, giving them legal advice and support which is unique to them and their situation. Do not delay, contact us now on 0203 811 3843 or via our online contact form.
