The city of Koyan of the Republic of Korea seized and sold crypto acts confiscated from a group of local residents who did not want to pay fines on their own for violation of traffic rules, the lack of inspection and insurance of vehicles.

The crypto acts were confiscated from the crypto -cores of “malicious defaulters”, 157 residents of the city, whose debt obligations exceeded one million Korean out of each ($ 700).

Koyan’s city hall reported that confiscation should convince the rest of the citizens who own cryptocurrencies and have fines or tax obligations, repay debts on their own, without waiting for the seizure of coins.

“According to the new rules, South Korean cryptocurrencies are required to provide data on the holders of wallets at the request of the authorities, and we are ready for compulsory measures to withdraw digital assets from tax evaders,” the city administration explained.

Earlier, the South Korean edition of Yonhap News reported that the Administration of the city of Paju, located in the province of Köngido, intends to confiscate and turn the altogether’s crypto assets to the local budget.