Mon, February 06, 2023

Sanctions and Crypto Markets

Blockchain and lawmakers

The crypto market is developing, and as a result, even the most isolated countries are willing to develop this emerging technology. An unusual place to organize a cryptocurrency conference is North Korea. The conference will take place from February 22 to February 29.

However, there is a problem the United Nations imposed sanctions on North Korea in 2006 due to its nuclear and ballistic missile programs. People who plan to attend this conference should be aware of this fact.

The U.N. sanctions experts prepared the annual report that will present their report to the Security Council later this month. It is worth mentioning that North Korea has a long history when it comes to violating the sanctions.

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, according to U.N. experts.

Second crypto conference in PyongyangCryptocurrencies around the world

Interestingly this is not the first conference organized in North Korea. Last year, the country hosted 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.

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.

North Korea is trying to earn money by engaging in various unlawful activities. Experts, as well as crypto owners, should not attend a conference in a country where human rights are protected at all.

There are more interesting events connected to crypto than conference organized in the capital city of North Korea. The representatives of crypto-related companies and industry experts should be careful not to violate the sanctions imposed by the U.N.



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