It was a kind of penalty for deleting your character. The system would only allow you to enter the game after the timer ended.
At first, this setting wasn't there. People could restart their characters as they please. But some profiteers' actions of abusing the initial setting, made the developer enforce the new setting on the second day of the game service.
The profiteers bought the pack and then sold them to the players in the game several times more expensive. As it was impossible for them to do transactions with dirac coins at that time, they used credit directly. This kind of behavior of course caused a massive loss of profit to the developer, so the developer added the penalty system.
In your second time of creating a character, they would penalize you with 3 days of waiting time. In your third time, a week. In your fourth time, a month. After that, the waiting time would stay at a month.