UN experts warn not to attend the upcoming North Korea cryptocurrency conference

United Nations sanction experts are warning people not to attend the upcoming North Korea’s cryptocurrency conference in February 2020. According to Reuters, the confidential report is due to be submitted to the U.N. security council later this month.

The report warns that presentations at the conference includes discussion on the use of cryptocurrency for “sanctions evasion and money laundering.”

The U.N. has previously said that North Korea has collected as an estimate of $2 billion using “widespread and increasingly sophisticated” cyberattacks to steal from banks and cryptocurrency exchanges to fund its mass destruction weapons program.

In April last year, North Korea held its first blockchain and cryptocurrency conference. Ethereum research scientist Virgil Griffith, one of the participant has recently been charged to travel and assist North Korea’s government on blockchain technology despite the U.S. government denying his permission to travel to the country.

North Korea is in the early stages of developing its own cryptocurrency, according to VICE news report. The goal of the cryptocurrency is to “avoid international sanctions and circumvent the U.S.-dominated global financial system.”

The upcoming cryptocurrency conference hosted by North Korea’s government is planned on February 22-29.
According to its website, participants (including U.S. citizens) will receive a paper visa separated from the passport, so that there will be no evidence of participant entry to the country. The website also states that participant information will not be disclosed to anyone.