Cryptocurrencies being confiscated in South Korea for not paying fines

Efforts are being made in many countries to increase the use of cryptocurrencies. Police in South Korea have begun confiscating cryptocurrencies for non-payment of fines. However, this is being done on a trial basis. Police recently confiscated around 5 crore KRW of cryptocurrency from a person who violated traffic rules multiple times for not paying a fine of around 25 lakh KRW.

A local media report said that the government of South Korea has chosen the city of Gunpo for this test. This test appears to be successful. In the first half of this year, the city’s police have recovered almost 90 per cent of the fines for traffic violations. Earlier, about $50 million worth of cryptocurrency was seized from around 12,000 people suspected of evading tax. There has also been a proposal to confiscate illegally acquired cryptocurrencies in Japan. In June, South Korea announced the creation of a Digital Asset Committee.

South Korea’s financial regulators may also consider making changes to existing laws on digital currencies. The Financial Services Commission has also set up a task force to prepare a framework for digital currencies. South Korea plans to invest $177 million to finance the Metaverse projects. Investment in this segment will also increase employment opportunities. South Korea is one of the first countries to invest to grow the metaverse industry. According to an estimate, this segment can reach $800 billion in the next two years.

In this regard, South Korea’s Minister of Science, Information and Communication Technologies Lim Hyesook said that the government wants to help grow the Metaverse ecosystem. The Seoul Metropolitan Government is set to make Seoul the first city in South Korea to enter the metaverse. It is being said that the metaverse will take internet parity to a whole new level.

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