South Korean mother and father received experimental new forces that permit them to seize crypto from individuals who won’t pay fines – and also have already taken tokens from the citizen who unsuccessful to pay for a traffic fine.
Per the Joongboo Ilbo, the National Police Agency is managing a pilot “cryptoasset seizure” project in the police headquarters from the town of Gunpo, in Gyeonggi Province. Included in the project, police officials happen to be told to research whether people with outstanding fines worth over USD 763,000 have token holdings on domestic crypto exchanges.
If officials uncover that this is actually the situation, they’ve been granted the ability to freeze wallets and gain warrants that permit them to seize coins.
If the pilot prove effective, it might open the doorway for any potential nationwide rollout at police stations through the country.
And a minimum of one person has seen their crypto wallets shrink because of the pilot. The press outlet reported that officials had learned that one person located in the city had over USD 38,000 price of coins as a swap wallets – but had unsuccessful to pay for traffic fines worth under USD 2,000.
Officials began to “seize and collect” tokens in the wallets – although they didn’t reveal when they had liquidated them. They might alternatively decide to auction the grabbed coins – or possibly HODL them!
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