In a trial, Korean police seize cryptocurrency for unpaid traffic fines

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Last Updated on August 19, 2022 by Bitfinsider

A South Korean town near Seoul has successfully piloted a program that allows police to seize cryptocurrency from the exchange accounts of people who owe traffic fines.

The national government chose Gunpo, a city of about 275,000 people in northwestern Gyeonggi province, to carry out the pilot program in 2022. According to a Tuesday report from the JoongBoo Ilbo news outlet, was a method of collecting delinquent funds in a “untact,” or contactless manner.

The program appears to have been successful, at least in the first half of 2022, with Gunpo police achieving an 88% collection rate on traffic fines totaling $668,000, putting the city on track to far surpass its goal of chasing $759,000 in traffic fines by the end of the year.

However, the trial only saw an individual subject to crypto seizures by the police receive delinquent fines totaling about $759, while crypto seizures were only used if the funds in the individual’s bank accounts had already been exhausted.

According to Jungo Ilbo, fines collected in the first half of the year have already exceeded total annual collections in each of the previous three years.

Although the report did not specify which crypto would be seized and sold to pay fines, the Korean crypto market is a lucrative one for law enforcement to extract fines from, having grown to $45.9 billion in 2021.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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