North Korea is holding an international event regarding blockchain technology and cryptocurrencies from April 18 to 25. The event is being hosted by the Korean Friendship Association (KFA), which is located in Spain.
The event is the first international event related to blockchain technology and cryptocurrencies in North Korea. It was previously scheduled for September last year and is being attended by approximately 100 persons from multiple countries.
Experts point out that the event is a kind of message the North is sending to the international community. “Once North Korea conducts international trade by using cryptocurrencies, U.S. economic sanctions on North Korea cannot but lose their effects and it will become increasingly hard for the United States to control the North,” one of them explained, adding, “The event is to show that it will use cryptocurrencies if the United States does not move forward in bilateral negotiations and excludes the North from the dollar economy.”
“North Korea has already developed its hacking and blockchain technologies to a large extent,” said another expert, continuing, “It is likely to make use of blockchain technology to counter the sanctions and obtain more cash.”