South Korea’s Plan: Bitcoins for North Korean Cryptocurrencies

South Korea is planning to introduce a new bill that aims to track and freeze cryptocurrencies and other virtual assets used by North Korea, according to a news report by The Block.

The objective of this initiative is to cut off the financing of North Korea’s nuclear and missile program. The bill was developed after 10 months of consultations between various departments in South Korea.

President Yun Suk Yol has instructed the bill to include “practical measures to strengthen national security” before it is submitted for consideration. It is expected that this measure will supplement the existing sanctions of South Korea against North Korea.

A government official mentioned that the president strongly believes in the urgent need to improve the country’s cybersecurity. The bill will also outline specific measures to track and neutralize virtual coins and other cryptocurrency assets that have been stolen by North Korea through hacking.

/Reports, release notes, official announcements.