Why doesn't North Korea open up a bitcoin exchange?

[RoommateAgreement]

how do you know they don't?!
because if they do, that would be internal exchange as in being inside their own country only and not giving anything out. so we may never know. and besides bitcoin is more like a "people money" not government and they can gain bitcoin whenever they want without anyone ever knowing.

[cpfreeplz]

They would never consider it because he can't control bitcoins 100% like he'd want to. Also, if bitcoins became the norm in North Korea I honestly feel like we'd never see mainstream adoption as the general public would assume it's because bitcoins are for criminals and now dictators.

[shamzblueworld]

That they definitely can do but if they do it, then bitcoin will be under fire from all the other countries. It is one such country where people are struggling to live a minimal life only because of their dictator ruler. I don't think N. Korea is the right place for bitcoin. Specially bitcoin is for financial freedom.  

I agree with your point but suppose N. Korea does start to use bitcoin on the larger level in the country, how can other countries react to it? I agree with your comment that bitcoin will be under fire, but what can others actually do?
Stop using bitcoin? That won't do any good either right?
And they can't stop them using bitcoin either.
So I guess nothing will happen and eventually it might work positively for bitcoin and result in higher value of btc.

[Decoded]

Why would North Korea ever do that? Their social system thrives on being controlled by a central party (Or in their case, a single person.). Bitcoin is about freedom and being able to receive and send money by yourself. It would be seen as trying to stray away from the grasp of their dictatorship.

[mrcash02]

Bitcoin exchange would help North Korean exchange their existing currency for Bitcoin, a currency accepted worldwide.
You don't need 24 hours electricity to store bitcoins in your wallet.

If north koreans knew how little freedom they had in comparison to the rest of the world, they probably would have rebelled and overthrew Kim Jong a long time ago.

North koreans don't own modern luxuries like cell phones or computers & if they did, they certainly aren't able to access the internet of the outside world in a way that would allow them to use bitcoin.

Its not that north koreans lack 24 hr electricity. Its more like their entire civilization exists in a pre electrical age. Only the military and elites have electricity. Everyone else is using smoke signals or whatever people used to communicate before electricity and telegraphs were invented.

I believe they know or imagine how the rest of the world is, because even being a reestricted country sometimes one or two foreigners appear there, with the government permission, so they can show some pictures of external world, maybe a modern cell phone, tablet...

Unfortunatelly they look a weak people, without unity, unable to organize a revolution inside their country, maybe they were brain washed since they were childs like terrorists do with their children.

[QuestionAuthority]

Yeah, they should have their own exchange. If they used Bitcoin they could buy ballistic missile parts on Amazon with a Bitcoin card. I hear their last missile test didn't go so well. LOL  

[Theb]

Because it would give North Korea's government at a disadvantage. As we all know it is ran by a dictator in Kim Jong-Un in which he really wants a total control of his country. By having a Bitcoin Exchange or even allowing Bitcoin in a country they are giving North Korean Citizens power in which they will be able to hide on what they are transacting with. Also they cannot risk on something like that happening to their country.

[senyorito123]

In my own understanding about north korea, their government doesn't wanted to use any other currency exchanged aside from what they are using which is their own currency money. Communist country has their own principle with regards to economic system and the government take control of everything in the country, power is their only means of controlling their people and the finances of everybody. The money generated by their people only circulates with their entire country community and no other currencies will be exchanged with them.

[freedomno1]

The node has to be located in China and considering the number of miners in China it is plausible the DPRK does mine Bitcoin.
The average citizen would not have access to a non-government monitored IP Address or Server so this information would be useless to them.
How to move the cash into the country and convert it to cash for the average citizen would be a classified intel document ^^.

[bitcoinisbest]

Not sure about the situation that exists in the N. Korea . I think is there anyone from that country who would like to share their experience about their daily life routine and what are their thoughts. Can bitcoin play any role in that country as its being controlled by one man.

[kurokishi10]

what a question!!! you basically know that they have imposed an infinite number of restrictions on the north korean citizens,bitcoin is a way modernized idea for them and kim would never accept it even if it would benefit him,because he wants things different,its not like it is impossible but for now lets hope that his dictatorship comes to an end.

[iram3130]

There are only 1024 IP addresses in North Korea, or may be a little higher than that. Let us assume that it is 2000, how can it modernize whole North Korea when there is only 2000 people who may use it.
I don't think there is any other country which imposes harsher rules on their own people. 

[eternalgloom]

The node has to be located in China and considering the number of miners in China it is plausible the DPRK does mine Bitcoin.
The average citizen would not have access to a non-government monitored IP Address or Server so this information would be useless to them.
How to move the cash into the country and convert it to cash for the average citizen would be a classified intel document ^^.

Who knows? Perhaps they're also using it as an investment or something given that they can't trade with most other countries...
It's all speculation unless we'd hear a mention of it by some high level government official who has defected.

[LTU_btc]

Maybe a bit offtopic, but few days ago I saw news that North Korea hackers tried to hack ''bitcoin' accounts''. I'm not sure is it ''bitcoin accounts means bitcoin wallets, or they tried to hack users accounts on exchanges. But anyway, it means that North Korea need bitcoins, because they have lack of international currency.
Back to the topic. If they would open bitcoin exchange, I think that USA would try to block it. And personally, I wouldn't use their bitcoin exchange, because I don't want to support North Korea regime.

[Quickseller]

In addition to the above mentioned fact that NK does not have very good internet access (only a very few number of sites are available within NK), if NK did open a bitcoin exchange, the exchange itself would have no access to the banking system because their signors are on the OFAC (SDN) list, and the exchange itself would likely be placed on the OFAC (SDN) list shortly after it is created.

Also, NK uses the low standard of living within it's country to it's advantage in order to control it's people. Using bitcoin would result in the NK government having less control over their people, which is not what they want.

[unamis76]

Part of the answer is already on the article you link...

The Treasury Department said that North Korea's financial institutions operate with little or no international supervision -- making it easier for them to shift money for illicit purposes.

I don't think they'd like to use money for illicit purposes on a public ledger...

Security researchers said last year they believed a series of efforts to steal money from banks on the network used tools similar to those previously deployed by a sophisticated hacking group that has been linked to North Korea.

Good luck hacking Bitcoin Thus why they don't want it, beyond the obvious reasons stated above: no control.

An own currency would be unfeasible, because no internet, no phones, no nothing...

[digaran]

Bitcoin exchange to do what exactly? fake trading volumes fake pump and dump? they need fiat and any bank providing them with their financial services will get banned plus paying fine as penalty, as much as bitcoin is a decentralized currency it still has some ties to the central banks unless you do money transfers using shill companies and anyone going all the trouble wouldn't have need bitcoin anymore.
One way would be for them to mine, accumulate over time and then exchange for fiat out side their country.

[Marma Kalari]

Security researchers said last year they believed a series of efforts to steal money from banks on the network used tools similar to those previously deployed by a sophisticated hacking group that has been linked to North Korea.

Good luck hacking Bitcoin Thus why they don't want it, beyond the obvious reasons stated above: no control.
An own currency would be unfeasible, because no internet, no phones, no nothing...

It is said that North Korea was spending their time hacking south Korean exchanges and users scamming their bitcoins and it is said they have hacked over millions and they have a team of hackers specifically to do these sort of heist and even the recent Bangladeshi bank heist is linked to them by Kaspersky Labs .It is really difficult to know more about North Korea as everything is controlled and little is known to the outside world.

[d.kevin29]

You're requesting something that's basically impossible for them. They barely have any right to freedom and you want them to use Bitcoin? Kim Jong-Un maybe could use it, but the others are just manipulated slaves and have no chance to do so.

Just look up "North Korean internet censorship" on Google and you'll find out the answer.

[Fredomago]

You're requesting something that's basically impossible for them. They barely have any right to freedom and you want them to use Bitcoin? Kim Jong-Un maybe could use it, but the others are just manipulated slaves and have no chance to do so.

Just look up "North Korean internet censorship" on Google and you'll find out the answer.

maybe if he "kim" will notice the advantage of bitcoin he will use it for its own purpose as bitcoin can give him a lots money while he still
in control and with all the censorship no one will notice what is happening from btc.