PANews, November 19 - According to South Korean media reports, Paju City in South Korea announced that it will directly sell the virtual assets of tax debtors to collect owed taxes. Currently, the city government has issued notifications for the transfer and sale of virtual assets to 17 individuals who owe a total of 124 million KRW. If these individuals do not pay their debts by the end of the month, the city government will transfer their virtual assets, valued at a total of 50 million KRW, to the city government account for sale.
Paju City had previously seized virtual assets from debtors, but this will be the first time such assets are directly sold, making it the first case among local governments nationwide. The city government stated that in recent years, virtual assets have spread rapidly, and debtors often use them as a means to hide or transfer assets. This action aims to convey the message to debtors that assets cannot be hidden and that their properties will be tracked for processing.