North Korea To Host Its First-Ever International Crypto Conference

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North Korea To Host Its First-Ever International Crypto Conference

North Korea for the very first time plans to host the first-ever international conference targeting all general discussions related to blockchain technology and cryptocurrencies in the month of October.

As per updates from Radio Free Asia, the schedule of the event comprises of two days commencing from October 1. The event is scheduled to be held in the hermit kingdom’s capital of Pyongyang.

According to reports, the meet will attract most experienced and enlightened experts shedding light on digital currencies and blockchain technology from all around the world. With very little information thrown upon how the meet is going to be carried out following the circumstances of the country that is currently having an underdeveloped conference tourism industry and the impact of countries like the United States which have regulated and banned citizens from visiting North Korea until any special condition arrives.

The global conference meet is expected to have a concluding ceremony as well which opens up to a session of socializing amongst business leaders of North Korea with that of other dominant from around the globe. Sources told Radio Free Asia that the meet is going to be conducted to showcase the technological capabilities of the Asian country.

The creative solutions offered and expected in the meet arrive once the report is issued by the Korea Development Bank, which is engrossed mainly in running financial processes in the state of South Korea. The bank has reportedly claimed in the reports that pertaining evidence has evolved from emerging small enterprises providing services in cryptocurrency mining especially during the period ranging between May to July last year. Although, as per Yonhap News Agency, the initiative is already failed and the proper reason behind its failure is still now revealed.

The Korea Development Bank in the report has drawn conclusions and confirmed the intentions of the kingdom for targeting digital currencies for using it in a way that pushes sanctions on the wayside for the country or help to finance the current ruler of the country i.e., King Jong-un.

Apart from that, earlier in February this year, officials from the South Korean Intelligence officials reported that the North Korean region had given away funding to all spammers and hackers which used these resources and stole away billions of amount of won cryptocurrency through vicious hacking of exchange platforms last year. The member of the parliamentary intelligence confirmed that the hackers not only knew private data inside out but also knew all information including data from the exchange end and private data from clients end through phishing.

“North Korea was involved in sending away emails which were capable of hacking into cryptocurrency exchange platforms to know everything about the client’s personal information. Not just the private information, they even stole away the won cryptocurrency which valued close to billions of dollars, and hampered various data and exploited personal information gathered by unfair means of conduct” revealed Byung-kee, South Korean Member of Parliament.