{"id":33751,"date":"2022-08-18T03:31:23","date_gmt":"2022-08-18T07:31:23","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=33751"},"modified":"2022-08-18T03:36:03","modified_gmt":"2022-08-18T07:36:03","slug":"korean-police-seize-crypto-in-trial-for-unpaid-traffic-penalties","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/korean-police-seize-crypto-in-trial-for-unpaid-traffic-penalties\/","title":{"rendered":"Korean police seize crypto in trial for unpaid traffic penalties"},"content":{"rendered":"\n
In a Seoul suburb, local police have the power to seize cryptocurrency in order to pay off outstanding penalties for traffic offenses.<\/h5>\n\n\n\n
\"Korean
Korean police seize crypto in trial for unpaid traffic penalties<\/figcaption><\/figure>\n\n\n\n

A successful pilot program allowing police to confiscate cryptocurrency\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> from the exchange accounts of people with unpaid traffic fines has been running in a town in South Korea close to Seoul.<\/p>\n\n\n\n

The national government chose Gunpo, a city of roughly 275,000 people in the northwest Gyeonggi province, to carry out the pilot project in 2022. According to a JoongBoo Ilbo newspaper published on Tuesday, there is a possibility to collect past-due money in an “intact,” or contactless, manner.<\/p>\n\n\n\n

Gunpo police achieved an 88% collection rate on traffic penalties totaling $668,000 during the first half of 2022, indicating the program appears to have been successful. This puts the city on track to significantly surpass its goal of pursuing $759,000 in traffic fines by the end of the year.<\/p>\n\n\n\n

While crypto seizures<\/a> were only used as a last resort if an individual's bank accounts had run out of money, the trial only saw unpaid fines reaching an excess of around $759 from one person who was subject to crypto seizures by the police.<\/p>\n\n\n\n

According to Jungo Ilbo, the fines collected over the first half of the year have already surpassed the annual totals for each of the previous three years.<\/p>\n\n\n\n

Although the report did not specify which cryptocurrency<\/a> will be seized and sold to pay penalties, it is clear that the Korean crypto market is a profitable one for law enforcement to extract fines from. In 2021, the market was worth $45.9 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a Seoul suburb, local police have the power to seize cryptocurrency in order to pay off outstanding penalties for traffic offenses. A successful pilot program allowing police to confiscate cryptocurrency from the exchange accounts of people with unpaid traffic fines has been running in a town in South Korea close to Seoul. The national […]<\/p>\n","protected":false},"author":38,"featured_media":33500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[132,1315],"class_list":["post-33751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-korean"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/South-Korea-cryptocurrency-regulations.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/33751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=33751"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/33751\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/33500"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=33751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=33751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=33751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}