Because of the industry’s consistent growth over the past few years, South Koreans have adopted cryptocurrencies at an unprecedented rate. The news that police in South Korea are now willing to accept fines for digital assets has made headlines.
Once their cases have been resolved in court, traffic offenders will be able to pay their fines in cryptocurrency to the authorities. According to recent reports, law enforcement agencies may soon be able to automatically deduct fines from offenders’ cryptocurrency wallets. Nonetheless, coverage of the program has been slow to develop.
Earlier this year, the government selected Gunpo, a city of about 260,000 people, to conduct the pilot test.
Reports Show New Policy Has Been 88% Effective in Police Force
Several regional media outlets reported that the new tactic employed by the Korean police was somewhat successful. The agency’s success rate over the past six months has been 88%.
In total, the policy has accrued fines of $668,000 so far. Meanwhile, the fine for repeat offenders is about $759 USD in virtual currency. However, the law enforcement agency stressed that cryptocurrency payments are voluntary.
The offender is allowed to pay the fine in some other way if their account balance is insufficient to do so. Meanwhile, data showed that fine revenue had surpassed that of the previous three years combined.
Overall, the developments in Korea are encouraging, especially given the efforts being made by government agencies to adopt crypto payment methods.
In order to hasten the spread of digital assets, the market needs an increase in the number of initiatives of this type, launched by both public and private institutions. More and more agencies of the state will accept cryptocurrency as payment in the near future.
The South Korean Crypto Market Has Seen Consistent Growth Over the Past Few Years
The crypto market in South Korea had a great year in 2017, as the market expanded at an astounding rate. A market valuation of $45 billion is getting closer and closer as time goes on. Intriguingly, it is one of the most active nations in terms of crypto transactions. By the end of 2021, 10% of South Korea’s population, or 5.58 million people, will be active crypto holders.