Incheon Waterworks Headquarters to Track Virtual Assets for Overdue Water Bill Collection

The Incheon Waterworks Headquarters will become the first in the nation to track virtual assets in order to collect overdue water bills.

The Waterworks Headquarters announced that it will operate a special settlement period for overdue water bills from October 1 to November 30. The main targets are habitual and high-amount defaulters with unpaid water bills of 500,000 won or more. Their overdue amount totals 813 million won, accounting for about 34% of the total overdue amount of 2.387 billion won.

To collect the overdue amounts, the headquarters will focus on issuing advance notices of water supply suspension and encouraging voluntary payments. If payment demands are not met, strong administrative actions such as seizure of assets will be taken concurrently.

A view of the Incheon Metropolitan City Waterworks Headquarters

Notably, during this special settlement period, the headquarters will pilot a virtual asset tracking system for the first time among waterworks agencies nationwide. By checking accounts at major exchanges such as Upbit and Bithumb and pursuing collections in Korean won, the headquarters expects to identify concealed assets of defaulters, greatly enhancing the effectiveness of collections compared to traditional asset seizure methods.

Additionally, for livelihood-based defaulters who are unable to pay due to financial hardship, the headquarters will provide deferred suspension of water supply and support for installment payments, and will work in conjunction with welfare departments to conduct tailored collection activities.

An official from the Incheon Waterworks Headquarters stated, "Because water bills are an essential resource directly linked to citizens' lives, we will introduce a virtual asset seizure system to collect overdue amounts and ensure the financial soundness of the waterworks."

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