Incheon is making global headlines as the first city in the world to confiscate cryptocurrency from residents who fall behind on their water bills — a radical enforcement measure that signals a new era in how governments leverage blockchain transparency.
Local broadcaster Gyeongin Bangsong reports that the city’s Waterworks Headquarters will roll out the one-month pilot program on November 1, dubbed the “Special Collection Period.”
Authorities will cross-match overdue payment data with user accounts on domestic crypto exchanges, including Upbit and Bithumb.
Offenders won’t be blindsided: residents with unpaid balances will first receive an official warning. But if ignored, their digital assets could be seized and liquidated to cover outstanding bills.
The pilot will initially target residents with unpaid bills of 500,000 won (about $360) or more — a group that makes up 34% of Incheon’s delinquent accounts, owing a combined 813 million won ($580,260).
Officials stress the crackdown isn’t aimed at those in genuine hardship, noting that payment deferrals and installment plans are available.
Jang Byung-hyun, head of the Waterworks Headquarters explained
“Incheon’s water bills are an essential revenue source directly linked to the quality of our residents’ lives. This cryptoasset seizure system, the first of its kind in the country, will strengthen fiscal soundness and modernize our management.”
Incheon’s move is not isolated. North Gyeongsang Province will also run a “special collection” drive in November and December, expanding the focus beyond crypto to a wide range of hidden and intangible assets.
Provincial officials say the strategy is already working: in the first half of 2025 alone, tax agents seized 10.2 billion won ($7.3 million) in hidden assets — including crypto — and clawed back 4.9 billion won ($3.5 million) in overdue taxes.
These aggressive, tech-driven policies mark a turning point for South Korea, where digital assets are no longer just investments but recoverable resources for public finance.
For crypto holders, the message is clear: ignore your obligations, and the government may come for your coins — even over something as basic as a water bill.
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