3 months ago 2 min read

Korea's Gyeonggi by 2023 Will Introduce New Electronic Debt Management System


Key Ideas:

  • Gyeonggi, in South Korea, will introduce a method for managing cryptocurrency debt.
  • From 6 months to just 15 days, the time needed to process late fees for virtual assets has been greatly reduced.
  • The system is anticipated to start up the following year.

Gyeonggi, a company in South Korea, will introduce a product that it has developed, an electronic management system that reduces the time needed for debt settlement from six months to fifteen days by controlling the processes. like using a tool to locate and seize the virtual assets of criminals. From the following year, the system will start to function seriously.

The province previously began developing an electronic management system to handle the outstanding debt of virtual assets in January of this year and finished it in September. Recently, the province finished a pilot operation in cooperation with the virtual asset exchanges Korbit, Bithumb, and Pocheon City.

The system tracks, seizes, transfers, and sells the virtual assets held by the delinquent after entering a list of them, collects winnings, and releases them from forfeiture.

Mobile phone numbers can be tracked using criminals' permanent registration numbers, which are kept by local authorities. Based on this, the success rate of membership finding in virtual currency exchanges can be greatly increased.

An inquiry into tracking, seizing, and trading was conducted after a list of violators was provided to the bitcoin exchange to see if it contained any members.

Electronic asset management system for virtual assets. Gyeonggi-do is the source.
Electronic asset management system for virtual assets. Gyeonggi-do is the source.

However, this procedure can be shortened to around 15 days if an electronic management system created by the province is used.

Other exchanges are also looking to form commercial alliances with the province in order to look into the offenders, in addition to the virtual asset exchange that the province is working with.

Gyeonggi-do is the first country in the nation to adopt an electronic management system for handling virtual property debts, according to Ryu Young-yong, chief of the tax justice department.

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