Pay Your Traffic Fines or We’ll Confiscate Your Crypto – S Korean Police Pilot Grants Officers New Powers

Pay Your Traffic Fines or We’ll Confiscate Your Crypto – S Korean Police Pilot Grants Officers New Powers
Source: AdobeStock / Joachim Martin

 

South Korean police have been given experimental new powers that enable them to grab crypto from individuals who refuse to pay fines – and have already taken tokens from a citizen who didn’t pay a visitors high-quality.

Per the Joongboo Ilbo, the National Police Agency is operating a pilot “cryptoasset seizure” mission on the police headquarters of the town of Gunpo, in Gyeonggi Province. As a part of the mission, cops have been informed to analyze whether or not people with excellent fines price over USD 763,000 have token holdings on home crypto exchanges.

If officers uncover that that is the case, they’ve been granted the ability to freeze wallets and acquire warrants that enable them to grab cash.

Should the pilot show profitable, it may open the door for a possible nationwide rollout at police stations all through the nation.

And not less than one particular person has already seen their crypto wallets shrink because of the pilot. The media outlet reported that officers had found that one particular person based mostly within the metropolis had over USD 38,000 price of cash in trade wallets – however had didn’t pay visitors fines price underneath USD 2,000.

Officers proceeded to “seize and collect” tokens from the wallets – though they didn’t reveal if they’d liquidated them. They might alternatively select to public sale the seized cash – or maybe HODL them!

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