Goryeong County Seizes 'Bitcoin' from Local Tax Delinquents

Goryeong County, North Gyeongsang Province (Governor Lee Namcheol), announced on the 16th that it had seized virtual assets worth approximately 122 million KRW from local tax delinquents.

Recently, as the value of Bitcoin has risen and trading volumes have surged, the virtual asset market has been misused by some delinquents as a new means of concealing assets.

In response, Goryeong County requested account information from four major domestic virtual asset exchanges (Upbit, Bithumb, Korbit, Coinone) to identify accounts held by tax delinquents. As a result, it was confirmed that five delinquents possessed virtual assets, which were immediately seized.

If these individuals do not voluntarily pay their overdue local taxes in the future, the seized virtual assets will be forcibly sold through the exchanges to cover the outstanding amounts.

An official from the Goryeong County Finance Division stated, "We will pursue strong collection activities through new methods such as seizing virtual assets from delinquents who evade payment and conceal their assets," adding, "For livelihood-related delinquents, we will implement customized collection measures such as encouraging installment payments."

Goryeong County Office.

This content was produced with the assistance of AI translation services.