Coin News

North Korea is exploiting digital currencies to get away from the US bans

North Korea is exploiting digital currencies to get away from the US bans
Sep 27, 2018 by Rico Wise

Lourdes Miranda and Ross Delston are the two Washington experts who specialize in financial crimes and AML matters, claim that North Korea is developing its own digital currency and is most probably utilizing digital currencies like BTC.

Both international criminals and those who finance terrorism are known to opt for digital currencies, with North Korea being guilty of just the same, as per the experts’ opinion. They go on further to explain that this emerging industry allows them evading the sanctions of the United States and safely get away with it.

The country is accused of exploiting numerous worldwide cryptoexchanges, and various crypto-related services, echoing the cycle of money laundering procedure in order to take advantage of financial institutions that are already in banking relationships with the US.

Some calculations suggest that North Korea makes approximately 15-200 million US dollars from cryptomining and trading digital currencies.

Experts believe that the country might exploit the world’s dominant digital currencies like BTC or develop their own in order to keep doing the unlawful business. This will lead to further establishment of domestic blockchain network and making the innovations play in the hand of unsanctioned business of North Korea.

Linked pages

Related news

Related people

Combating Threat Finance & Financial Crime Globally
2123 of 2705
Certified Anti-Money Laundering Specialist
2122 of 2705