UN Warns Against Attending North Korea Crypto Conference, Even With ‘No Entry Evidence' Promise

    • UN sanctions experts warning people to not attend a crypto conference in North Korea to be held next month
    • According to a confidential report due to be submitted to the UN Security Council later this month, the conference is flagged as a likely sanctions violation

    North Korea’s upcoming blockchain and crypto conference is due on Feb. 22 to 29. An excerpt from the upcoming annual report by UN sanctions experts warns that the presentations at the conference “have included explicit discussions of cryptocurrency for sanctions evasion and money laundering,” reported Reuters.

    The full report is due to be submitted to the UN Security Council North Korea sanctions committee later this month.

    North Korea’s cyber program, according to a British government spokesman, was actually used to collect information, evade sanctions and generate revenue. He said,

    “Supporting the DPRK’s use of cryptocurrency and blockchain technology risks violating the Security Council’s resolutions because it would unavoidably increase the DPRK’s (North Korea’s official name, the Democratic People’s Republic of Korea) ability to subvert sanctions and generate revenue for its weapons programs.”

    North Korea using Crypto to Evade Sanctions

    Back in August, last year independent UN experts told the UN Security Council that North Korea generated an estimated $2 billion by using “widespread and increasingly sophisticated” cyberattacks to steal from banks and crypto exchanges to fund its weapons of mass destruction programs.

    The country is under UN sanctions since 2006 per its ballistic and nuclear missile programs. These measures have been strengthened over the years that prompted Pyingang to look for alternate ways to make money.

    North Korea held its first blockchain and crypto conference in April last year. Apparently, 80 organizations took part in this conference.

    Americans are welcome, No Evidence of entry promised

    Ethereum developer, Virgil Griffith was arrested after speaking at the conference has been indicted, now awaiting trial. He has been granted bail on a $1 million bond.

    US prosecutors said Griffith had been encouraging other US citizens to attend this upcoming conference in North Korea. The U.N. sanctions experts wrote in the excerpt from the upcoming report,

    “Although the press was not allowed to attend the conference and its proceedings were not published openly, the recent indictment of an American for sanctions violations sheds light on the intended purpose of the conference.”

    The conference website states that Americans are welcome to attend and their passports won’t be stamped “so there will be no evidence of your entry to the country.”

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Vitalik Buterin ‘Highly Applauds' Bitcoin Cash Mining Cartel’s Proposal To Soft Fork BCH

    Roger Ver, Antpool’s Jihan Wu, BTC.Top’s Jang Zhuoer and Haip Yang of ViaBTC agree on BCH funding plan Although redirecting BCH coinbase rewards...

    Hacker Noon To Embed Blockchain Tech Into Its Blog, Allowing More Interactions With Readers

    Hacker Noon, a knowledge website, announced they will launch on a blockchain, shortly after leaving Medium for calls of centralization. The official announcement from...

    US Finance Giant Bottomline Testing Ripple’s Disruptive Technology

    Bottomline Technologies processes trillion dollars in payments every year and operates in 92 countries The idea is to update the company's software mode...

    SEC Strikes Against Yet Another Unregistered ICO to Recover $147,000 ‘Ill-Gotten' Gains

    In January, U.S. SEC has gone after 3 Initial Coin Offerings (ICO) SEC files complaint against Opporty and its sole owner Sergii Grybniak...

    Payment Provider Square Wins US Patent For Real-Time Crypto-To-Fiat Automatic Swaps

    Square has been awarded a patent for a payment network that will allow individuals holding various types of of assets to transact with each...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.