North Korea is Going to Use Cryptocurrency to Evade U.S. Sanctions

North Korea is Going to Use Cryptocurrency to Evade U.S. Sanctions

Lourdes Miranda, a financial crimes investigator, and Ross Delston, Certified Anti-Money Laundering Specialist (CAMS), said that Pyongyang is about to create its own cryptocurrency. They added that North Korea is using cryptocurrency like bitcoin (BTC), not just for mining but money laundering. 

“Democratic People’s Republic of Korea (DPRK) can create their own crypto-currencies or use established ones like Bitcoin. Having their own crypto-currency would also facilitate their ability to open online accounts under the guise of a non-adversarial nation using anonymous communication to conceal the user’s locations and usage on the internet,” – the experts told Asia Times.

North Korea's Own Blockchain 

The Washington-based experts explained that it is also possible that North Korea is going to create its own blockchain in order to control their records of public transactions. This could be done “to appear that transactions are coming from legitimate sources.” Miranda and Delston described the scheme that shows how DPRK could get U.S. dollars avoiding any imposed sanctions. However, it is just an unproven theory that has been announced. 

Cointrend.me has recently informed you what Iran did to bypass the U.S. sanctions. 

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