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Korean police set to accept crypto for traffic fines after 88% program success

Korean police
TL;DR Breakdown
  • Korean police will accept crypto for traffic fines
  • The police recorded an 88% success in six months
  • Korean crypto sector records growth

South Korean police are set to take crypto from individuals with traffic fines after a successful trial of the pilot program. According to the details of the program, the police will be able to take the digital assets directly from the exchange accounts of such individuals. The program has been in the works for a while, and the country’s government has earmarked Gunpo, a small area with about 260,000 residents, to carry out the program this year.

Korean police pulled an impressive 88% success rate

According to several news stations, the new method will help the police collect the fines and dues without contacting lawbreakers. The first trial of the program achieved much success, with the details stating that it pulled an impressive 88% rate in the last six months. During the period, the police accumulated $668,000, a feat that placed the area towards hitting the over $700,000 mark that was set.

However, the amount generated in delinquent fines was about $759 in digital assets. The police mentioned that crypto seizures were not compulsory, except the individual’s account balance could not cover the whole portion of the fine at the time. The news outlet also mentioned that the amount collected this year had toppled the total amount generated in the last three years.

Korean crypto sector records growth

The Korean crypto sector has recorded massive growth over the last few years, with the most significant coming last year. In 2021, the market recorded a massive growth to inch towards a staggering figure of $45 billion. Also, the report has yet to clarify what type of digital assets the police will seize and sell off to offset an individual fine. In a statement by the Chief of the police, he mentioned that this new method is perfect for collecting fines as the coronavirus pandemic has limited contact.

He also mentioned that the period had not stopped those paying their fees faithfully from doing so. The Korean police Chief also assured that he would do everything in his power to collect fees from payers that failed to do so. Although digital assets are not doing so well now, there are still traders holding the assets hoping that fortunes will change in the coming days.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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