North Korea Showing a Surprising Interest in Cryptocurrency and Blockchain Technology

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With blockchain technology and cryptocurrency continually enjoying widespread acceptance, so many countries are looking for opportunities to harness this technology for the benefits of their region. One of such country that has recently shown interest in cryptocurrency and blockchain technology is North Korea. According to reports, North Korea is making concerted efforts into entering the world of cryptocurrency and blockchain technology.In a report published by South Korea’s government-owned Korea Development Bank (KDB), it is believed that Pyongyang is now experimenting with cryptocurrency mining and is expected to create an exchange platform that would run on blockchain technology.

Facts made available by KDB shows that Chosun Expo, a North Korean IT company has been contracted by the North Korean government to develop an exchange platform that allows for cryptocurrency trading. It is believed that the North Korean government is interested in investing in cryptocurrencies for a range of reasons especially considering the fact that this technology allows transactions to be conducted anonymously while also making transactions hard-to-trace and easy-to-cash.

There have also been similar reports made by South Korean media sources, stating that Pyongyang had also attempted to create a cryptocurrency mining centre which didn’t materialise in the early summer of this year.

In another related development, Pyongyang is preparing to host its maiden international blockchain conference slated for October this year. The two days conference will attract expert from around the world and would be called the Korean International Blockchain Conference.

With big names like Christopher Emms, the CEO of Malta-based blockchain company TokenKey, and an advisor to Shanghai-based SkyCoin confirming on LinkedIn that he and other speakers would be attending the conference, this should be good news for people in favour of blockchain and cryptocurrency technology.

And while crypto professionals around the world would be looking to attend this two-day conference, it has been reported that citizens from South Korea, Japan and Israel wouldn’t be allowed to join the conference. Giving the long-standing rivalry between the North and South and South Korea previously accusing the North of attacking Seoul-based exchanges, including big exchanges like Bithumb, it’s easy to understand why they aren’t invited.