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North Korea (DPRK) is probably the first nation in the world to recognize cryptocurrencies with certainty as a legitimate legal currency. It is not difficult to decipher because North Korea loves cryptocurrencies.
Cryptocurrencies such as Bitcoin (BTC) and Monero (XMR) are a dream come true for the North Korean government; this technology is significant for the nation for a variety of reasons.
North Korea and Blockchain
The relationship between DPRK and blockchain technology is somewhat poetic. When used efficiently, this technology can be a way for this nation to become financially lively in the not too distant future.
The Korea Times reports of September 3, 2018 suggest just that. North Korea gained anywhere between $ 15M USD and $ 200M USD by extracting and subsequently selling cryptocurrencies.
Scheduled Blockchain Technology Conference
Reports coming out of ROK suggest that the DPRK plans to host a conference on blockchain and cryptocurrency technologies by the end of the year in Pyongyang.
In addition, the two-day conference is scheduled for October. The DPRK hopes that the event will serve as a meeting point for participants to connect with representatives of organizations controlled by DPRK.
Ease of doing business via Monero (XMR)
North Korean hackers have a high affinity for Monero. This coin attracts their interest for a variety of reasons.
XMR includes specialized privacy functions that other important cryptocurrencies are unable to include.
The XMR combination of significant token value and easy launderability makes it the perfect currency for North Korean hackers.
Bitcoins failures of North Korea
Cryptocurrency supported by North Korea hackers have attempted to extract Bitcoin in significant volumes. However, the results were less than ideal, as they were unable to make the profits they were looking for.
Bitcoin has proven to be more difficult to recycle than cryptocurrencies like XMR. The numerous issues related to Bitcoin recycling do not claim the process.
The disadvantages of the extraction of cryptocurrencies in DPRK
It can safely be said that the DPRK is not the ideal place for the extraction of cryptocurrencies. Suffering from decades of hardship, there are countless reasons why the extraction of cryptocurrencies in North Korea has been less successful.
It is not surprising that limited internet access in DPRK is perhaps the biggest drawback. This limits the growth of activities related to the blockchain. In particular, even the scarcity of adequate computers and quality mining experts contribute immensely.
In conclusion, it is possible that DPRK and other "rogue" nations use digital currencies as an alternative system of transactions. Without doubt, this will weaken the ability of Western nations to exploit sanctions on them.
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