What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?
No! Sach product does not exist in the banking system of my country. I can see a clear problem in this product. You have mentioned that the money is locked even if the owner dies. Which means the money will remain unclaimed within the banking system. That's a clear problem in this product and probably that is the reason why it has been discontinued.
We can control the amount of money spent from our bank accounts or using plastic cards. But a complete lock is not available.