UN advises crypto world not to travel to North Korea – Report

The UN is reportedly going to issue a warning to crypto-currency developers and experts who plan to attend a crypto-currency conference in North Korea in February – saying that the participants could risk violating sanctions.

According to Reuters, there is to be “a confidential report to be presented to the UN Security Council later this month,” asking international developers to provide information that could allow Pyongyang to circumvent economic sanctions. 

The news agency says that the presentations at the conference “include explicit discussions on cryptocurrency to circumvent the sanctions and money laundering. 

As previously reported, the first crypto conference was held in Pyongyang last April and was titled a “success”. The next event, which was promised by the organizers on a much larger scale, is scheduled for 22-29 February, and a number of international speakers have already confirmed their participation.

A few months after the 2019 event, the US FBI arrested a 36-year-old Ethereum developer and charged him with conspiracy to violate the International Emergency Economic Powers Act during his time at the Pyongyang conference.

The UN Security Council last year alleged that the rogue state has amassed some USD 2 billion from raids on banks and cryptocurrency exchanges – and claims Pyongyang has used the funds to pay for nuclear weapons programs. However, the country hit back at these claims, calling them “unfounded.”