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Crypto aspirations: North Korea is holding cryptocurrency conferences

Oct 03, 2019

North Korea continues to impress the international community by showing how enthusiastic it is about the ample opportunity deriving from the cryptocurrency. The country announced that it will be holding the second blockchain and cryptocurrency conference in February 2020 and which is expected to be far larger than the previous one.

Following the previous successful crypto event back in April 2019, North Korea is expecting to attract the best minds of the industry and bring together top engineers, economic experts, and the highest government officials to discuss opportunities that the crypto world can bring to the regime.

Despite North Korea is always associated with strict confidentiality, all who are willing to participate in the conference can apply (upon pre-approval, of course). As the conference is international, restrictions have been softened: internet access will be available, digital devices will be allowed and even the US citizens are welcome. Although not without exceptions, citizens from Japan, South Korea, and Israel will not be admitted.

Alejandro Cao de Benós, the president of the Spanish Korean Friendship Association that organizes the event and one of the key figures of the conference stated that North Korea is seeking to develop a “token based on something with physical value” and which would be designed for DPRK banks, companies and organizations.

One of April’s conference attendees revealed that the Government is interested in using Bitcoin as a substitute for SWIFT. Indeed, many international experts expressed concerns that North Korea may be intended to use Bitcoin to get around sanctions as it can be converted to hard currency and moved anonymously and quickly across borders.

According to the source, North Korea was excited to learn about the smart contracts that operate on Ethereum platform. Since North Korea has some problems with the UN and the international community in general, it has troubles with enforcing agreements outside the country. Smart contracts that are digital, self-executing and allow the performance without intermediaries would facilitate deal-making between North Korea and foreign counterparts.

No doubts that the 2020 cryptocurrency conference will attract a lot of international attention and may also boost travel tours to North Korea which have already become quite popular among adventurers.

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