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North Korea Opens its Doors to the Cryptoverse

North Korea is set to host its very own blockchain conference in a bid to showcase its growing blockchain capabilities. North Korean is generally recognized as a country famous for travel restrictions; therefore, the crypto community has taken to news of the conference with guarded enthusiasm.

Though North Korea has been controversial in its dealings with the West, the country has remained closely in-step with blockchain technology advancements. As such, keeping up with the “crypto craze” has led to North Korean officials establishing a small-scale, but operational, Bitcoin mining operation. Officials might also be in the process of setting up a cryptocurrency exchange.

North Korea’s Tryst with the New Technology

North Korea has attained a height of notoriety that is hard to miss. Those in the cryptocurrency world have traditionally viewed it as the propagator of cybercrime. Frequent ransomware and malware attacks have been launched against the global fintech ecosystem in blockchain technology’s nascent years. These attacks have often originated in North Korea.

Famous hacking units like Lazarus are believed to have hacked their way into cryptocurrency exchanges to steal assets. As such, this level of nefarious activity has led to numerous disturbing consequences like compromised security, dangerous scams, theft and overall disruption for the well-intentioned in the crypto community.

Its neighbors – Japan, Singapore, and South Korea, have conversely harnessed the technology to revolutionize fintech.

North Korea Looks to a More Positive Future Brand

As such, a conference could be one way to dispel the shadow that is cast over the country presently. On October 1, 2018, North Korea will host its first two-day blockchain conference and invite industry leaders from around the world to meet its own in-house experts.

It remains to be seen whether the conference will repair a damaged reputation for the nation. However one thing is certain, it will be a landmark day to see a traditionally-closed country welcome global audiences thanks to blockchain technology.