PANews reported on November 19 that according to Korean media reports, the city of Paju in South Korea announced that it will directly sell the virtual assets of those who owe land tax to collect the tax arrears. At present, the city government has issued virtual asset transfer and sale notices to 17 individuals who owe a total of 124 million won. If these people do not pay the tax arrears by the end of the month, the city government will transfer their virtual assets worth a total of 50 million won to the city government account and sell them.
Paju City has seized virtual assets from defaulters before, but this will be the first time such assets are sold directly, and it is also the first case among local governments nationwide. The city government said that virtual assets have spread rapidly in recent years, and defaulters often use them as a means to hide or transfer assets. This action is to convey the message to defaulters that assets cannot be hidden, and to track down the defaulters' assets for processing.
