Tax delinquency leads to 'coin' seizure… Cheongju City to forcibly sell cryptocurrencies
Summary
- Cheongju City announced it would pursue seizure and forced sale of cryptocurrencies targeting major and habitual local tax delinquents.
- Considering the difficulty in cashing in seized assets, the city said it plans to transfer the cryptocurrencies to the city's corporate account and sell them directly to cover the arrears.
- However, taking into account the price volatility of cryptocurrencies, the city said it will encourage delinquents to sell voluntarily but will proceed with forced sale procedures if they do not comply.
Targets: major and habitual local tax delinquents
Plan to sell after seizing cryptocurrencies
Cheongju, North Chungcheong Province, has taken action against major and habitual local tax delinquents.
On the 20th, Cheongju City announced it will forcibly sell cryptocurrencies seized from major and habitual local tax delinquents.
The city has been tracking delinquents' cryptocurrencies since 2021. It seized assets from 203 delinquents, but it was reportedly limited in collection because there was no means to cash them out.
The city plans to transfer the seized cryptocurrencies to the city's corporate account, then sell them directly to cover the arrears.
The targets are 161 delinquents, and the arrears amount to 1.5 billion won.
However, given the high price volatility of cryptocurrencies, the city plans to encourage delinquents to sell assets themselves and pay taxes, and if they do not comply, proceed with forced sale procedures.
Kim Dae-young, Hankyung.com reporter, kdy@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
![[Exclusive] KakaoBank meets with global custody heavyweight…possible stablecoin partnership](https://media.bloomingbit.io/PROD/news/a954cd68-58b5-4033-9c8b-39f2c3803242.webp?w=250)
