North Korea to hold blockchain conference and launch cryptocurrency

Posted 12 September, 2019

North Korean authorities announced the legalization of cryptocurrencies. In February next year, the North Korean government is going to hold the Second International Blockchain Conference, during which it will introduce a state-owned exchange specializing in working with digital assets. Many experts call such actions of the authorities a response to UN statements about involvement in cybercrime and theft of cryptocurrency.

One of the organizers of the large-scale event will be the Korean Friendship Association. At the moment, the association is working to create an international network that will allow North Korea to conduct financial transactions with other countries, bypassing US sanctions. Association President Alejandro Cao de Benos de Les y Perez noted that he was able to easily establish a dialogue with the North Korean authorities, who agreed to provide all the information he needed.

Detailed information about the cryptocurrency exchange in the country, which is preparing to launch, is not yet available since the authorities prefer not to spread about such large projects. Earlier this month, Pentagon adviser to the NSA Glenn Grestell said that North Korea could be directly involved in the theft of cryptocurrency and hacking of US government servers.

In early August, the UN Security Council made a similar statement. North Korean authorities have accused of stealing $2 billion from banks through hacking databases. Representatives of the United Nations also called on governments of all countries to begin developing cybersecurity systems, since North Korea can secretly receive data to create “weapons of mass destruction”.

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