North Korea tried to engage in industrial bitcoin mining

North Korea tried to engage in industrial bitcoin mining

By

South Korean scientists have discovered that North Korea tried to kill bitcoin last year, from May to July, but later abandoned attempts to organize industrial production of cryptocurrency.

The Research Department of South Korea’s state-run Korea Development Bank (KDB) disclosed information about the activities of the research team, stating that North Korea was trying to begin industrial mining of bitcoins in 2017 during the tightening of international sanctions. The KDB report says that North Korea also has a special interest in anonymous cryptocurrencies and tokens.

The study notes that the first cryptocurrency transaction was fixed in the country in 2014. Although the government of North Korea keeps secret information about any activity related to digital assets, it is assumed that the authorities have long been studying and experimenting with cryptocurrency technologies.

The South Korean lecture confirms that North Korea still examines virtual currencies as alternative facilities of the financing, as from the side of most countries in regard to North Korea trade and economic approvals are entered in connection with the nuclear program of the country. In a lecture, nevertheless, it becomes firmly established that North Korea gave up the efforts on the booty of cryptocurrencies.

The report mentions that North Korean citizens know nothing about cryptocurrencies and have never heard of them.

North Korea is often accused of breaking cryptocurrency exchanges. South Korea asserted before, that North Korea had stolen $10 million in cryptocurrency during hacker attacks on cryptocurrency exchanges. North Korea also is the main trade ground of Youbit suspected of breaking in December the last year.

In October in North Korea will host the first blockchain-conference with experts from around the world.

Leave a Comment

Your email address will not be published.

You may also like

Hot News