Incheon Pioneers Crypto Seizure for Unpaid Water Bills
Incheon, South Korea's third-largest city, is pioneering a novel approach to water bill collection. It has become the first city to implement a virtual asset tracking system, targeting residents with outstanding water fees. The city aims to seize and liquidate cryptocurrencies from defaulters who fail to pay bills exceeding $360, starting with a one-month pilot in October.
The innovative system, set to launch in October 2025, will initially focus on a select range of cryptocurrencies, although specific issuers remain unnamed. Residents with unpaid water bills accounting for 34% of the total outstanding amount will be targeted. However, Incheon City has assured that installment and deferral options are available for those facing financial difficulties.
The city's initiative coincides with a significant shift in South Korea's cryptocurrency landscape. After a seven-year ban, the government has lifted restrictions, now recognizing crypto trading and brokerage firms as venture businesses. This move signals a more open approach to the cryptocurrency industry in the country.
Incheon's virtual asset tracking system marks a first in water bill collection, with the city prepared to liquidate cryptocurrencies from defaulters. The pilot project, set for October 2025, comes as South Korea embraces a more crypto-friendly environment, lifting its seven-year ban on recognizing crypto businesses as ventures.
