Report Alleges North Korea Attempted Bitcoin Mining, Local Firm Developing Bitcoin Exchange

Report Alleges North Korea Attempted Bitcoin Mining, Local Firm Developing Bitcoin Exchange

North Korea (DPRK) has trialed bitcoin (BTC) mining, local media outlet Yonhap reported August 27, citing a report compiled by researchers working for South Korea’s state-run Korea Development Bank (KDB).

Yonhap News reports that the bitcoin mining attempt was allegedly conducted on a very small scale between May and July last year. However, the attempt proved to be unsuccessful, although the reasons behind the failure remain unclear.

According to Yonhap News, the report compiled by the Korea Development Bank claims that DPRK’s interest resides in certain characteristics of cryptos, such as anonymity, cashability, and difficulties to trace money”. The research unit also cited a local media report as the main source of its information on North Korea’s bitcoin mining story.

The research went on to claim that Chosun Expo, a North Korean tech firm, is currently developing a bitcoin crypto exchange, although no other details about the same are given.

The KDB research unit also claimed that its interviews with some North Korean defectors suggest that the vast majority of North Korea’s people have little to no knowledge of cryptocurrencies, in stark contrast to citizens of South Korea.

Although the majority of the country’s citizens have no clue about cryptos in a media-controlled state, hackers from the country made headlines for infecting a crypto exchange with an unusual malware that targeted both macOS and Windows systems.

At the same time, there are unconfirmed reports of an alleged upcoming conference on blockchain in Pyongyang in October. CNBC’s Ran NeuNer shared the news on social media a few days ago, quipping “Who’s coming?”

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