Gyeonggi Province will introduce an electronic delinquency tax management system that automatically tracks and confiscates the virtual assets of delinquent taxpayers.

The system, which the provincial office began developing in January saves time spent on processing tax payment failures.

It will reach completion in September.

Testing was completed in tandem with cryptocurrency exchanges Korbit and Bithumb as well as the city of Pocheon.

The system can automatically track,

Using the resident registration number held by local authorities, the system can track down the cellphone numbers of delinquent taxpayers to identify, confiscate, transfer and sell a delinquent taxpayer’s virtual assets when their personal information is entered.

It used to take six months to submit a list of past-due taxpayers to cryptocurrency exchanges, who would then locate their accounts, locate and seize their virtual assets, and sell them.

It is only anticipated to take a maximum of 15 days with the new method.