The current political landscape is rocky to say the least. With sanctions flying left and right, many countries are turning to crypto in order to evade and even profit during these circumstances. North Korea is painted as a demon, but are they really committing a crime?
In order to evade the sanctions by the United States, North Korea has increased its cryptocurrency use.
According to two financial experts, North Korea is trading cryptocurrencies and even trying to create its own. The currently imposed restrictions don’t seem to be in the way of the country’s plans.
Ross Delston and Lourdes Miranda hold no favorable views towards North Korea.
“Cryptocurrencies are preferred by international criminals and DPRK is not excluded. This new advantage gives North Korea more ways to go around United States sanctions. It’s easily achievable through the use of international exchanges and by mixing and shifting services – effectively copying the money laundering cycle.”
Despite the harsh accusations, can North Korea really be blamed?
The two experts also believe that the government is North Korea is strictly overseeing the project. There is absolutely no doubt that government officials are involved. They believe that the people hired by DPRK have convenient information (PII) that enables them to open up a crypto wallet. After successfully gaining access to an “x” amount of crypto, it’s send to European wallets by local miners. This is usually followed by mixing and shifting of the currency to confuse the KYC/AML systems.
The end of the chain sees North Korean accounts purchasing bitcoin and transferring it to either Ethereum or Litecoin. There is no possible way to discover the scale of the operations conducted by North Korea.
This is not the first time a country has tried to evade United States sanctions by using a cryptocurrency. Many people are now familiar with Venezuela’s Petro, which was even announced to back the Bolivar. Iran is also rumored to be working on its own cryptocurrency. The country was bombarded with United States sanctions over their nuclear program and other disputes.
You can also check out:
- Today’s Inflation, Tomorrow’s Mass Adoption
- Blockchain Can be Used to Ignore Sanctions: Russia’s Stance
- Indian Government Websites Targeted by Cryptojacking: Huge Increase in Malware
- Silicon Valley Opening the Doors to Bitmain and Crypto Innovations
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