NoKor Mulls Hosting of Intl. Crypto Conference

Aug 27, 2018 at 21:16

North Korea, the hermit nation of Asia, is bent on continuing efforts to improve its global image as it plans to host its first-ever international conference with topics ranging from cryptocurrencies to blockchain technology in October.

According to reports from Radio Free Asia, the event aims to be conducted for two days in Pyongyang, the country’s capital.

The report noted that the conference is expected to attract global blockchain and cryptocurrency experts but no specific information was provided, raising concerns as the country has an underdeveloped tourism industry aside from the fact that some countries such as the United States banned their citizens from traveling to North Korea except in special circumstances.

The event was said to be scheduled to end with a meet and greet with the business leaders of North Korea.

Likewise, the reports came amid South Korean state financial institution, Korea Development Bank’s claim that it retrieved evidence that a small-scale cryptocurrency mining operation is being run by North Korea last year between May and July.

The bank cited that North Korea’s interest for cryptocurrencies was fueled by its intention to avoid sanctions imposed on the country or as a way of financing the regime of Kim Jong-un.

Last February, South Korean intelligence officials claim that North Korean state-sponsored hackers had stolen billions of won in cryptocurrency last year by hacking exchanges.

“North Korea sent emails that could hack into cryptocurrency exchanges and their customers’ private information and stole (cryptocurrency) worth billions of won,” Kim Byung-kee, a member of the country’s parliamentary intelligence committee, explained then.