North Korea holds a blockchain and cryptocurrency conference from Feb. 22-29. The schedule was announced to the organizers’ website, inviting the Americans to attend. However, the U.S. government warned its citizens from going to the conference.
The participants will most definitely discuss how to evade sanctions and launder money using the blockchain system. However, Korean organizers countered the U.S.’s warning with a promise not to stamp American’s passports. That means there will be no evidence of their entry to the country.
The first conference was in April last year, and more than 80 organizations took part in it. United Nations sanctions experts studied the different accounts. Thus, they plan to submit the official report later this month. One of the experts disclosed that the presentations included explicit discussions about tiptoeing rules and crypto-piracy.
The U.S. authorities arrested Virgil Griffith, an American digital currency expert. He has gone to the meetings in April. Above all, as prosecutors announced, he and other attendees had discussed how to use cryptocurrency technology for illicit purposes.
The British spokesman noted that supporting the DPRK’s use of blockchain and crypto technology can cause the violating the Security Council’s resolutions. It would increase the DPRK’s ability to generate revenue for its weapons programs and subvert sanctions.
U.N. gave sanctions to North Korea in 2006
According to the U.N. expert’s investigation, DPRK gained almost $2 billion with its widespread and increasingly sophisticated cyberattacks. Its hackers have been stealing from banks and cryptocurrency exchanges. Moreover, to prevent more crime, the Security Council restricted the sanctions several times. In response, Pyongyang began to search for alternative ways to get money.
U.N sanctions recently issued the request for other countries. Furthermore, they ask to hold off or bar any financial transaction, technical training, or assistance if any of these can contribute to North Korea. It will use this knowledge for ballistic missile programs or for evading sanctions.
- Trading Instrument