The adoption of non -bubilizable tokens increases quickly in Asia, several countries leading the list for the highest NFT adoption rates. North Korea is the last Asian country to adopt non -butt for foreign currencies. The explosion of interest and the use cases in the NFT worldwide testifies to the maturity of the NFT in a serious class of digital assets. In this article, we will further explore the integration of the NFT into the foreign market.
North Korea adopts NFT for foreign transactions
Earlier in the day, a report by certain technical staff confirmed that the North Korean government indirectly explores the use of non-loot token in foreign currencies. According to a reliable source shared with the Daily NK, the North Korean government has secretly conducted secret experiences from January until May 2025 in China to test if it could generate a foreign currency via NFTS. Report explained:
“Several Technical Staff of Korea Computer Center have disguised themselves as trade representatives from the end of January, rented several locations in China and experienced the winner of currencies by selling NFT work on NFT markets. Technical staff submitted their final report to North Korea on May 19 and has since withdrawn. ”
Based on the report, experience was part of the efforts of the North Korean government to guarantee new sources of income in foreign currencies. Technical staff, divided into groups of two to three people, spent about five months in various Chinese cities which accessed markets and commercial networks abroad to examine technical feasibility and profitability. They tried to register and sell NFT on the Southeast Asian NFT markets in Thailand and the Philippines, where identity verification requirements are less strict. The source has also revealed:
“North Korea was more interested in market platforms where NFTs are exchanged and structures which allow transfers of anonymous assets than by the NFT themselves. They have experienced methods to hide the real property via blockchain portfolios and manage the assets and benefits of the NFT by registering under third -country business names. ” ».
North Korea Tape NFTS for illegal professions
The final technical staff report revealed that the NFT-based revenue generation was technically possible but impractical due to various problems, including legal risks in China, the instability of Southeast Asian NFT market platforms and high operating costs compared to profits. North Korea aimed to use NFT as a new method of acquiring foreign currency to escape sanctions from other countries.
This is not the first time that the North Korean regime has been involved in shady practices. Earlier this year, pirates thought that the North Korean regime successfully stored more than $ 1.5 billion in the Crypto Exchange bybit and then converted at least $ 300 million from their irreparable records. Since 2021, North Korean pirates have stolen billions of dollars on the cryptography market.
Bybit has lost more than $ 1.5 billion due to an error
Hack drained over 500,000
How will ETH react? 👇🧵 pic.twitter.com/fdsln8xb0n
– mash 🥠 (@ 0xmash_) February 21, 2025
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