A bill has been proposed in South Korea to include virtual assets, or cryptocurrencies, and overseas financial assets in property assessments used to determine eligibility for the basic pension.

Pinpoint News reported on June 29 that Rep. Seo Young-seok of the Democratic Party, a member of the National Assembly’s Health and Welfare Committee, introduced an amendment to the Basic Pension Act. The bill would add cryptocurrencies and overseas financial assets above a set threshold to the assets used in calculating recognized income for the pension.

Under the current system, recognized income is calculated mainly from general assets such as land, buildings and homes, as well as domestic financial assets including deposits, savings,…