Cryptocurrency is seized by Korean police for unpaid traffic fines

Cryptocurrency is seized by Korean police for unpaid traffic fines  – A city near Seoul in South Korea has been conducting a successful trial program that enables police to collect cryptocurrency from the exchange accounts of persons with outstanding traffic tickets.

Gunpo, a city with a population of approximately 275,000 in the northwestern province of Gyeonggi, was selected by the national government to execute the pilot program in 2022. According to a report published on August 16 by the JoongBoo Ilbo news outlet, the program is a contactless method for collecting delinquent funds.

At least in the first half of 2022, the initiative seems to have been effective, with Gunpo police reaching an 88% collection rate on traffic penalties totaling $668,000. This puts the city on track to well surpass its target of collecting $759,000 in traffic fines by the end of the year.

However, the trial only revealed outstanding penalties of around $759 by a person susceptible to crypto seizures by the police, although crypto seizures were only implemented if the individual’s bank accounts were empty.

Cryptocurrency is seized by Korean police for unpaid traffic fines
Cryptocurrency is seized by Korean police for unpaid traffic fines

 

Do Kwon is apparently hiring attorneys in South Korea to preparation for the Terra inquiry. According to Jungo Ilbo, the penalties collected over the first half of the year have already surpassed the yearly totals of the previous three years.

Bitcoin Magazine: BlackRock Partners with Coinbase for Bitcoin Purchases

New Zealand’s Run at Inflation That is far more hawk than dove

As the Korean crypto market grows to $45.9 billion in 2021, law enforcement would find it attractive to recover penalties from it; however, the research did not specify which cryptocurrencies will be confiscated and sold to pay fines.

Click here to checkout more latest news on OL NEWS.

Leave a Comment