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North Korean mining cryptocurrency to get away from US sanctions

Washington's financial experts must declare that North Korea's financial experts use cryptocurrency to avoid US enforcement.

Lourdes Miranda is the investigator of financial crimes whose area of ​​specialization is intelligence gathering and analysis.

Ross Delston is an expert whose area of ​​specialization is money laundering. The main role of both these experts is to fight terrorism financing.

Pyongyang, the capital of North Korea, is inventing its cryptocurrency and are also using popular cryptocurrencies like Bitcoin.

A first report by the Korea Research Bank Research Institute confirmed that North Korea is eager to develop cryptocurrencies and that the use of such currencies is minimal.

Pyongyang's interest in cryptocurrencies like "Koryo Coin" is linked to anonymity, difficulty in tracking and ease of cash flow. They are also interested in minting their cryptocurrencies.

Cryptocurrencies, although not successful in the short term, continue to be a preference for international criminals for terrorist financing. This is also true in the case of North Korea.

"Crypto-currencies have the added advantage of the DPRK to give them more ways to circumvent US sanctions."

Financial experts must say that "they can do this by using multiple international exchangers, mixing and moving services – mirroring the cycle of money laundering – to take advantage of international financial institutions that have corresponding banking relationships with the United States".

Speaking to Hill, Priscilla Moriuchi, a cyber security official, said North Korea earns about $ 15 million to $ 200 million through the extraction and sale of encrypted files. Furthermore, "North Korea has pursued other avenues to obtain cryptocurrencies, including the extraction of bitcoins and Monero, redemption paid in bitcoins from WannaCry's global attack in May and even the commissioning of a class of cryptocurrency for North Korean students in November ".

It is entirely possible that the Government of North Korea will create its own cryptocurrency or it could use Bitcoin. "Having their crypto-currency would also facilitate their ability to open online accounts under the pretext of a non-antagonistic nation using anonymous communication to hide the user's positions and use on the Internet," noted the financial experts.

Also the researchers

The CCN in its reports also stated that countries such as "Iran, North Korea, Russia and Venezuela" are resorting to cryptocurrencies to counteract the economic pressure they are facing from the United States and its allies.

They have to reveal that the cryptocurrencies mined by North Korea could be recycled using European stock exchanges. This will eventually allow the rogue nation to obtain fiat USD currencies. Thus, Korea will get the fiat without any annoying sanctions.

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