Analysts: North Korea May Use Cryptocurrencies To Bypass US Sanctions
North Korea is using cryptocurrencies to circumvent economic sanctions imposed by the US and other countries, according to independent financial analysts Lorddes Miranda and Ross Delston interviewed by Hong Kong business magazine Asia Times..
“International criminals around the world prefer to use cryptocurrencies, and the DPRK is no exception. Cryptocurrencies give the DPRK an advantage in the form of additional ways to circumvent US sanctions. They use different international exchanges and mixing services – i.e. carry out actions similar to money laundering, ”explain Miranda and Delston.
North Korea uses a so-called “mixer” to transfer cryptocurrencies, analysts said, allowing it to leave no trace. “This is equivalent to a request to exchange $ 100 and receive different bills totaling $ 100,” the analysts explained..
In addition, North Korea could follow the example of Iran and start developing its own cryptocurrency in order to bypass the economic sanctions imposed on it. Miranda and Delston suggest that having “its own cryptocurrency will allow North Korea to communicate anonymously, hiding its true location and data on Internet usage, and therefore making it easier to open online accounts under the guise of a non-hostile state.”.
Analysts also believe that the DPRK could create its own crypto-wallets to transfer funds through European accounts that do not require identification information, and thereby hide data on the country of origin of funds..
“For example, the DPRK can open an online wallet using a Russian service, transfer its cryptocurrency to a Bulgarian wallet, and then to a Greek service. And all this – anonymously and using its own blockchain “.
After the cryptocurrency is transferred through several anonymous accounts, it will finally go to European exchanges with connections with American banks, where it is converted into US dollars: “Voila, now the DPRK has dollars that are not encumbered by any sanctions.”.
Walmart May Launch Its Own Digital Currency, Patent Pending Shows World’s largest wholesale and retail chain Walmart may…
Vitalik Buterin proposed using the Bitcoin Cash blockchain to scale Ethereum Ethereum founder Vitalik Buterin as a short-term…
The list of assets that can be added to the Binance US exchange has become known The upcoming American division of the cryptocurrency exchange…