Cryptocurrency Conference in North Korea

Cryptocurrencies are becoming more and more popular. However, some individuals, as well as governments, are trying to use cryptocurrency for illegal activities. One of the countries that engaged in such activities is North Korea.

According to U.N. experts, North Korea generated an estimated 2 billion by stealing from banks and cryptocurrency exchanges. Moreover, the country allocated this money for its weapons of mass destruction programs.

As a reminder, the United Nations imposed sanctions on North Korea in 2006 due to its nuclear and ballistic missile programs. Furthermore, the Security Council applied additional sanctions over the years. North Korean officials had to look for other sources of income. Stealing cryptocurrencies is one of the options.

It does not mean that Pyongyang is only interested in illicit actions. In April 2019, North Korea organized the first blockchain and cryptocurrency conference in Pyongyang. Based on the information provided by an organizer, more than 80 organizations participated in this conference. An interesting fact about the previous conference is that American who attended the event was arrested in 2019.

The next conference will take place from February 22 to February 29.

U.N. and cryptocurrency conference

The U.N. sanctions experts prepared the annual report that will be presented to the Security Council later this month. Experts underlined that by attending this conference in North Korea, attendees might break the sanctions imposed on North Korea.

Presentations at the previous conference included discussions about money laundering as well as how to evade sanctions. This is the position of the experts who prepared the annual report. Visit fastloanspd.com for more detailed payday loans for the USA.

In January 2020, the United States formally charged American digital currency expert Virgil Griffith. This case, once more, shows that attending the conference is a risky decision. People who are willing to travel to Pyongyang should remember that it is not the best idea to participate in the conference, especially after this report.