Seoul confiscates digital currencies from city residents
Modern countries are closely monitoring cryptocurrencies. After all, you see, digital assets nowadays cost colossal money. And many states see the new generation of currencies not only as a potential salvation for their own economies, but also as a direct threat. Indeed, today it became known that the Seoul authorities confiscated about $ 22 million in digital currency from their own residents. The main reason is possible tax evasion. This is a rather serious, one might say – indicative event. Which definitely deserves special attention. So let’s figure it out. So let’s get started.
What is known at the moment. Let’s discuss the context
First of all, you need to define the context of the story. We are talking about Seoul. It is the technological center of the world. All of South Korea, the entire Eastern region and, moreover, many world powers are developing thanks to local technologies. So the process of introducing cryptocurrencies into everyday life has become only a matter of a short time. Today in Seoul, everyone has probably heard about digital assets, and many entrepreneurs and individuals are already successfully using the next generation currency. And as local authorities say, many Blockchain users hide their income using cryptocurrencies. A huge number of entrepreneurs have been accused. The authorities believe that businessmen converted their own profits into digital equivalents and thus managed to avoid paying state duties.
The list of the accused includes about 1,500 people. And 676 Seoul citizens have already seized cryptocurrencies. According to preliminary estimates, the amount of confiscated funds exceeds $ 25 million. In local currency, the value of the total seized capital is 25 billion won. That is, as you understand, the authorities have launched a fairly serious campaign to find unscrupulous taxpayers. But how do entrepreneurs themselves react to local regulations? What sanctions will be imposed on fraudsters? More on this in the next section.
How will Seoul deal with violators?
It should be given its due, the situation was resolved as compromise as possible. The entrepreneurs were presented with a fact: they are obliged to pay off their debts. Or their cryptocurrency will be sold at the current price, due to which the debt to the city will be paid. And the entrepreneurs chose the first scenario. As a result, about 118 businessmen with arrested accounts pleaded guilty and fined in excess of $ 1 million. The decision was made based on the potential outlook for digital assets.
The defendants believe that the coins will grow in the future, and therefore ask the law enforcement agencies not to sell the currency and return access to the accounts. Most likely, Seoul will do just that. The final decision has not yet been made, but the fines have already been paid. Consequently, there is practically no doubt that the heads of the capital will meet the guilty businessmen.
This is an indicator of loyalty to cryptocurrencies. By its example, Seoul can motivate other states to look at the digital industry and blockchain in general in a new way. However, these manifestations of wisdom are side by side with the news that Seoul will soon introduce a 20% tax on all income in cryptocurrency. So the situation in Korea is still unclear. Follow the news of the crypto industry, Blockchain and the digital world with us. We publish only high-quality, interesting material. Thanks for attention. Good luck!