South Korean government

On Wednesday, it was revealed in local sources that the South Korean government will hold the first public auction of bitcoins seized from criminal actions. This action could allow the recognition by the government of the economic value of the cryptocoin, which has increased its price in relation to the national currency.

The decision to auction the seized bitcoins was handled by the Korea Asset Management Corporation (KAMCO), a state-owned government-owned enterprise, collecting overdue taxes and resolving unproductive loans. financial institutions.

Thus, 216 bitcoins seized in April by the Provincial Police Agency of South Gyeonggi to an operator of an "obscene" website, which had generated about 1.7 million won from the 1.2 million members of the site; Becoming the first time a country's research agency viewed the digital currency as a "criminal benefit."

Now, since the seizure of bitcoins, KAMCO was contemplating what to do with the coins, since there was no precedent for similar cases. The point is that the agency measure can bring to the bitcoin an important economic value in the country, since "once the bitcoins go to an auction, the social controversy about whether the virtual currency should be recognized or not, makes it a reality, "said the Seoul Economic Daily.