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Korean police buy crypto for unpaid traffic fines in trial

Korean police buy crypto for unpaid traffic fines in trial

Native police in a suburb of Seoul bask in the authority to buy crypto in uncover to particular the stability of delinquent fines from traffic violations.

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Korean police seize crypto for unpaid traffic fines in trial

A South Korean town approach Seoul has been successfully working a pilot program that enables police to buy crypto from the exchange accounts of americans with delinquent traffic fines.

Gunpo, a city of about 275,000 in the northwestern Gyeonggi province, changed into once chosen by the national government to develop the pilot program in 2022. A Tuesday myth from the JoongBoo Ilbo news outlet acknowledged changed into once a attain to acquire delinquent funds in an “untact,” or contactless vogue.

The program looks to be to had been successful, no longer lower than in the predominant half of 2022, with Gunpo police achieving an 88% series rate on traffic fines amounting to $668,000, placing the town on mosey to vastly exceed its aim of chasing $759,000 in traffic fines by the cease of the yr.

Alternatively, the trial handiest saw delinquent fines totaling an some distance extra than about $759 by a particular person subject to crypto seizures by the police, whereas crypto seizures had been handiest a measure taken if the funds in the actual particular person’s bank accounts bask in already been exhausted. 

Linked: Attain Kwon reportedly hires attorneys in S. Korea to put together for Terra investigation

Jungo Ilbo reported that the fines quiet thru the predominant half already exceed the total annual collections over every of the past three years.

The Korean crypto market is a profitable one for law enforcement to extract fines from because it grew to $45.9 billion in 2021, though the parable did no longer train which crypto might maybe maybe be seized and sold to pay fines.

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