North Korea plans to organize its maiden blockchain conference this year. The country will hold its first two-day blockchain and cryptocurrency conference in Pyongyang on October 1, a United States-based radio broadcast show, Radio Free Asia ((RFA) said.
According to a South Korean daily, Yonhap, the event will bring together, “experts in this cutting-edge field from around the world, and that they will hold meetings with officials of the North’s business entities on October 3.”
A security expert, on the condition of anonymity told RFA, that the reason behind this event is to show off the country’s capabilities regarding this technology.
In the past, North Korea has experimented with mining cryptocurrencies, the publication said on Monday. Quoting a local report compiled by South Korea’s state-run Korea Development Bank (KDB), the publication said, that a North Korean technology firm, named Chosun Expo, is developing and selling a market-exchange platform for bitcoin.
The KDB report added, “North Korea seems interested in the defining “characteristics of cryptocurrencies, including anonymity, difficulties of tracing money and cashability.”
Elaborating, the report stated that, North Korea had attempted to mine cryptocurrencies between May and July 2017, but those attempts were unsuccessful.
This comes as an interesting development, given that North Korea was allegedly primarily targeting South Korea’s cryptocurrency exchanges, sometime between last year and this year.
After the South Korean exchange, Bitthumb was hacked late last year, the National Intelligence Service (NIS) stated that they had enough evidence to North Korea was involved in the hack and subsequent theft that began with phishing emails targeting employees at the exchange, news portal CCN had said.
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