North Korea Tried Crypto Mining, KDB Report Confirms
According to a research unit of South Korea’s state-backed Korea Development Bank (KDB), North Korea tried to mine cryptocurrency last year between May and July.
According to Yonhap News, North Korea appears to have mined cryptocurrencies on a small scale, possibly as a means to work around various international sanctions in the country’s banking and financial sectors.
The report also made it clear that North Korea displayed a particular interest in cryptocurrencies and tokens that keep users as anonymous as possible. The main issue that this report confirms is the fact that North Korea is still very much active when it comes to using cryptocurrency as an alternative means of funding, even though this is not officially admitted.
Not surprising, the report also states that while the government of North Korea is involved with cryptocurrencies, ordinary North Koreans appear to know little about the concept of crypto. Additionally, the report also claims that a North Korean technology company called Chosun Expo is developing and selling a market-exchange platform for Bitcoin.
North Korea’s interest in cryptocurrencies might be the result of international sanctions
Even though North Korea has looked to bypass various sanctions because of its nuclear missile program, it seems that the government doesn’t have a lot of resources for raising money. According to the report, the country seems to have given up its mining efforts.
North Korea has been associated with various crypto events from as far as 2014. Nowadays, the country is best known in the crypto-scene as being a country from where some of the biggest hacks of crypto exchanges have been deployed. More to the point, there have been various reports that highlight North Korea as being the prime suspect in a wide array of hacks that took place in 2017 and 2018.
North Korea shows no signs of stopping its activity of gathering crypto
Considering the fact that tensions between the US (and other EU countries) and North Korea have not mellowed, it’s a good chance that North Korea will continue its hunt for cryptocurrencies by any means necessary for the foreseeable future.