Crypto coins of those who delayed their tax in Seoul were seized,
Seoul Metropolitan Municipality announced in its statement on Friday that hundreds of citizens who delayed their tax have seized their Crypto coins. Seoul was the first local government in South Korea to take such a step.
According to the Korea Times, authorities seized $ 22 million of Crypto coins. held by 1,566 citizens on three different exchanges on the grounds that they did not pay their taxes.
The distribution of the seized Crypto coins was 19% Bitcoin, 16% XRP, 16% DragonVein, 10% Ethereum, 9% Stellar (XLM) and 30% others.
Some have agreed to pay their taxes
It was announced that 676 of the names included in the list had a total tax debt of $ 25.4 million to the state. 118 of the debtors closed their debt after the crypto money was seized.
The Metropolitan Municipality made the following statements in the press release:
“Borrowers tell us that they will pay their taxes and are constantly asking us not to sell their Crypto coins. Investors believe that the value of their Crypto coins will increase and that they will be more profitable if they pay their debts directly. ”
Half a million dollars immediately closed
The fear of losing their cryptocurrency has mobilized many citizens.
A hospital manager with $ 11 million in cryptocurrency paid around $ 520,000 of his tax debt of about $ 900,000 when his money was seized. He said he would pay the remaining money and asked not to sell the crypto money in return for his debt.
Another citizen with a debt of about $ 20,000 wants the confiscated cryptocurrency of about $ 2,700 not to be sold for 2 years.