North Korea (DPRK) has allegedly attempted to mine Bitcoin (BTC), this can be deduced from a report compiled by the research unit of the South Korean State-backed Korea Development Bank (KDB). This is according to a report by Yonhap News dated August 27.
According to the report of the mining attempt which was allegedly conducted “on a small scale” between the period of May and July 2017, it is crystal clear that the supposed attempt was futile though surrounding factors that must have culminated into the failure is mostly unknown.
The Korean Development Bank reports has also shown that North Korea’s interest is hinged on the essential “characteristics of cryptocurrencies, including anonymity, difficulties of tracing money and cashability.” The KBD has however stated that this discovery by its research unit was gotten from a local media report which comprehensively analyzed the mining story.
Developing Bitcoin Exchange in North Korea
Despite the facts that a comprehensive detail has not been adduced to this claim, the Korean Development Bank research unit went further to state that Chosun Expo, a North Korean Tech Firm, is currently working a project of developing a crypto exchange, the feasibility of this, we do not know.
The KBD research unit also stated that the defectors in North Korea while in an interview said that the majority of the country’s citizen have little or knowledge of the Virtual currency let alone the blockchain technology as a whole. This is a sharp contrast with their Southern counterpart as South Korea’s place in cryptocurrency development cannot be overemphasized.
Despite the chunk-load of ignorance in the populace as regarding digital currency, owing to the stringent measures of the government-controlled media, it is still not strange that there are certain experts in the country. Reportedly, some North Korean hackers, last week, made news for allegedly infecting a digital currency exchange with malware which is usually aimed at both windows and macOS computer systems.
Surprisingly, certain reports are going around the media that there might be a blockchain conference in Pyongyang this October but there no concrete evidence of this information, and it remains a speculation.