The government of Paju City, South Korea, warns citizens with tax arrears that failure to pay their debts will result in the sale of their held cryptocurrencies

ChainCatcher news, according to Cointelegraph, the government of Paju City in Gyeonggi Province, South Korea, announced plans to seize and sell cryptocurrencies held by citizens with unpaid taxes. On November 18, local media outlet Yonhap reported that Paju officials had sent notifications to 17 individuals, with a total tax debt of 124 million won, approximately $88,600.

The city warned these taxpayers that if they do not settle their debts by the end of November, their cryptocurrency assets on exchanges will be confiscated and sold.