North Korea Has Dabbled in Crypto Mining

South Korea’s state-backed Korea Development Bank (KDB), reported that the dictatorship north of them have attempted to mine cryptocurrency between May and July 2017.

According to local media outlet, Yonhap News, North Korea has explored various methods to bypass international sanctions against the country’s banking and financial industries. It seems that the country has even tried its hand at a small scale to mine cryptocurrency.

The report also implied that North Korea showed a particular eagerness in the various cryptocurrencies and tokens that maintained as much anonymity as possible. The central point that is addressed is the fact that North Korea is actively utilizing cryptocurrency as an alternative means of financing, however the government has not made an official stance on the matter.

The report also clarifies that while the government of North Korea is exploring the benefits of cryptocurrency, the common civilian has little to no concept of cryptos in general. However, companies such as Chosun Expo, a North Korea-based technology company, is in the works of creating and selling a market-exchange platform for Bitcoin.

North Korea has been involved in a multitude of crypto events beginning in 2014. However, the country has earned the reputation in the crypto ecosystem, that they can produce some the largest hacks. There have been various reports that finger North Korea as being the most likely culprit in a number of hack over the last two years..

With Western society sanctioning the Asian country because of its nuclear program, it seems likely that North Korea will try any method in order to obtain cryptocurrency.