Reports suggest that North Korea will be hosting a two-day international blockchain conference in its capital Pyongyang later this year. These sources have not yet been confirmed.
Yonhap, South Korean news agency, allegedly reported that its neighbor will be holding the international blockchain conference which is scheduled for 1 October. If these reports prove to be true, then this will be the first event of its kind to ever take place in North Korea.
The information was provided by radio broadcast service Radio Free Asia (RFA) from the US, suggests that relevant names from the blockchain industry will be speaking at the event with North Korean business officials, to showcase the country’s developments in tech and finance.
Yonhap also reported that the country tried the mine cryptos last year but with no success. The North Korean research unit of South Korea’s Korea Development Bank (KDB) said the following:
“North Korea appears to have tried to mine cryptocurrencies on a small scale”, stating that North Korea was researching the “characteristics of cryptocurrencies, including anonymity, difficulties of tracing money and cashability”.
It is yet unknown why their crypto mining attempts failed, as the country rarely lets negative news slip by its state-controlled media. The mining trials supposedly took place between the months of May and July last year.
The research unit also claimed that a company set in North Korean called Chosun Expowas in the process of establishing a Bitcoin exchange platform, but there are very little details regarding this information.
However, it does appear that North Korea has manifested interest in the technology after its Pyongyang University of Science and Technology introduced a course in crypto and blockchain.
Federico Tenga, an Italian Bitcoin entrepreneur that managed the course, stated that students had “limited awareness” regarding cryptos, but were somewhat knowledgeable of Bitcoin. The course’s attendees numbered some professors from the university along with several computer science and finance students.
According to the KDB report, North Korea lacks development in areas such as basic computer connectivity and the tools necessary for developing a fintech industry like a blockchain infrastructure, advanced computers, electric power, and internet networks.
“The current situation in which only a few layers of the internet can be connected will dampen the development of the virtual currency industry.”– suggested South Korean Speconomy.
The only known connection of Pyongyang with the industry is its alleged hackings and cyber thefts which targeted South Korean exchanges.