Cryptocurrency conference in North Korea: experts asked to avoid it

Experts from United Nations warn against conference organized in February by the North Korea on the theme of cryptocurrency. Attending this meeting is a likely violation of international sanctions inflicted on the country.

The North Korea, the other Crypto-Valley? Certainly not. The theme of blockchain and crypto-currencies whatever the scheme is. From February 22 to 29, the country is also organizing a second conference dedicated to these technologies.

The second yes, since the first was held last April. And according to the organizers, interviewed by Reuters, 80 organizations participated in this conference. This was particularly the case for Virgil Griffith, developer of the foundation Ethereum, arrested in late November at Los Angeles International Airport.

Workshops organized in 2019 on escape and money laundering

For cryptocurrency and blockchain experts, it is strongly advised not to visit North Korea at the February conference. The warning, reported by the news agency, came from experts from the United Nations Sanctions Committee.

The latter believe that it is most likely a violation of the sanctions imposed on the country by the international community. This opinion is based in particular on a report submitted in August 2019 and detailing the massive theft of digital coins thanks to cyber attacks organized by Pyongyang.

The previous one blockchain conference of the regime would have very explicitly addressed the subjects of the use of cryptocurrencies to escape international sanctions and money laundering.

It is therefore excluded for the representative of another State to participate in such events, including by providing information or expertise that can be used for such purposes.

The international sanctions are clear on this point: are prohibited “financial transactions, technical training, advice, services or assistance” likely to contribute to North Korea’s nuclear and weapons programs.

In order to avoid going through prison like Griffith, crypto-asset specialists are therefore encouraged to skip next month’s conference at Pyongyang.