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Author Topic: [2019-04-18]North Korea Plans on Using Bitcoin to Bypass Sanctions  (Read 105 times)
Vladdirescu87
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April 18, 2019, 01:58:59 PM
 #1

A recently published report by the Royal United Services Institute (RUSI) for Defense & Security Studies, shows how DPRK - Democratic People’s Republic of Korea (North Korea) wants to exploit Bitcoin and other major cryptocurrencies, especially in Southeast Asia, so as to bypass international economic sanctions.

The report also explains 3 key areas (fundraising, stockpiling & circumvention) that could describe North Korea’s cryptocurrency activities.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: http://bit.ly/2GuensS

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April 19, 2019, 05:12:19 PM
 #2

The fact that North Korea, Russia and other countries will use cryptocurrency in order to avoid international sanctions has been talked about for a very long time. Therefore, both North Korea and Russia have long shown great interest in bitcoins and other types of cryptocurrencies. Russia even helped Venezuela’s experts to do the same with the help of El-Petro, created to circumvent the sanctions. Therefore, this decision is not unexpected.
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April 19, 2019, 07:46:20 PM
Merited by stomachgrowls (1)
 #3

How many times have we heard this? let's see:

SEP 15, 2017

North Korea May Sidestep UN Sanctions with Bitcoin: Opinion

SEP 26, 2018


North Korea ‘Increasingly’ Uses Crypto to Avoid US Sanctions, Experts Claim

This is getting very tiring.

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April 19, 2019, 09:37:24 PM
 #4

What I wonder is that if several countries decide to use Bitcoin in order to avoid American sanctions, or even anticipate future ones for other countries, could this not create a snowball effect or the countries that have decided to use BTC against US sanctions, could end up uniting under a new union, organization. it could also attract other countries to do the same if they have an economic interest.
And especially how would the White House react to counter these countries?


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April 20, 2019, 06:53:06 AM
 #5

How many times have we heard this? let's see:

SEP 15, 2017

North Korea May Sidestep UN Sanctions with Bitcoin: Opinion

SEP 26, 2018


North Korea ‘Increasingly’ Uses Crypto to Avoid US Sanctions, Experts Claim

This is getting very tiring.

Correct me if I am wrong but North Korean don't have a free access to the Internet nor can afford a computer easily! How could they switch even partially to cryptocurrencies!
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April 20, 2019, 07:23:45 AM
Merited by LeGaulois (1)
 #6

What I wonder is that if several countries decide to use Bitcoin in order to avoid American sanctions, or even anticipate future ones for other countries, could this not create a snowball effect or the countries that have decided to use BTC against US sanctions, could end up uniting under a new union, organization. it could also attract other countries to do the same if they have an economic interest.
And especially how would the White House react to counter these countries?



What's the point of officially uniting if they have already been working together since forever? North Korea wouldn't exist if not for economic aid from Russia and China. If they openly and strongly antagonize the US and the West, it would only hurt them in the long run. Also, I doubt that they will seriously use crypto, because it has too many downsides - it doesn't scale, most coins aren't private, it does give governments full control over the network.

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April 20, 2019, 08:29:50 AM
 #7

The West should rather focus on healing the political problems between these nations, than implementing sanctions and making the divide bigger than it is. North Korea would not have to resort to tactics like this, if they were not forced into situations like this. Yes, sometimes negotiations fail and then you have to resort to tactics like this, but negotiations solve more problems than sanctions.

What would they have used before Bitcoin was on the scene? <Dealing with countries that are not part of these sanctions, so they just strengthen bonds between enemies.>  Shocked

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April 20, 2019, 08:41:32 AM
 #8

What I wonder is that if several countries decide to use Bitcoin in order to avoid American sanctions, or even anticipate future ones for other countries, could this not create a snowball effect or the countries that have decided to use BTC against US sanctions, could end up uniting under a new union, organization. it could also attract other countries to do the same if they have an economic interest.
And especially how would the White House react to counter these countries?



What's the point of officially uniting if they have already been working together since forever? North Korea wouldn't exist if not for economic aid from Russia and China. If they openly and strongly antagonize the US and the West, it would only hurt them in the long run. Also, I doubt that they will seriously use crypto, because it has too many downsides - it doesn't scale, most coins aren't private, it does give governments full control over the network.

Because with the actual geopolitics we could easily see a few other countries seeking to avoid The US. And I don't mean only the US sanctions (or the potential ones), but the dollar system (when it's about international trades) I was thinking about Iran, Russia, China, but the list could grow up quickly. Why do you think we see some countries claiming they will create their countrycoin?

Most coins aren't private so what? Aren't there privacy-centric cryptocurrencies around there? Do they really need to use privacy coin?

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April 20, 2019, 09:59:21 AM
 #9


Because with the actual geopolitics we could easily see a few other countries seeking to avoid The US. And I don't mean only the US sanctions (or the potential ones), but the dollar system (when it's about international trades) I was thinking about Iran, Russia, China, but the list could grow up quickly. Why do you think we see some countries claiming they will create their countrycoin?

Most coins aren't private so what? Aren't there privacy-centric cryptocurrencies around there? Do they really need to use privacy coin?

I don't think there's anything special in them saying that they want to create a countrycoin, before crypto there were similar talks about digital currency, and before that there were talks about gold-backed currencies. Yet here we are, decades later there's still no new currencies. I think it's because that all was just a populism rhetoric for boosting morale at home.

Most coins aren't private so what? Aren't there privacy-centric cryptocurrencies around there? Do they really need to use privacy coin?

Bypassing sanctions would mean that western companies would have to break the law by doing business with sanctioned countries, and you need privacy for that. But it would be impossible to do on a large scale anyway, you just can't cover it up, so crypto won't solve anything here.

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April 20, 2019, 11:42:54 AM
 #10

There is a chance that North Korea may use Bitcoin as one of the tools to evade sanctions. Another thing that needs to be remembered at this point is the recent hacking of a few Asian crypto-exchanges by suspected North Korean hackers. There is suspicion that the North Korean junta is using the proceeds from these robberies to boost up their forex reserves.



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April 20, 2019, 01:25:49 PM
 #11

Correct me if I am wrong but North Korean don't have a free access to the Internet nor can afford a computer easily! How could they switch even partially to cryptocurrencies!
This is not about ordinary citizens, but about the government which is under sanctions and can not function normally, and therefore can not provide its citizens some seemingly ordinary things which they as people definitely deserve. Many will say that North Korea does not care too much for their citizens, but some things have changed for the better.

If bitcoin can help to someone to live better, personally I do not see a problem to be used by North Korea as well. But bitcoin is just connects to some bad things, and in this case with NK nuclear program.

In the end, I think this is just speculation which extends for years without any real evidence.

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April 20, 2019, 03:50:54 PM
 #12

Oh my god, this is so scary. North Korean communists coming to my little region of Southeast Asia to raid us with Bitcoin! And this is I guess all the BTC stolen from South Korean exchanges, right? Or maybe even the same Lazarus hackers groups who've been cryptojacking my computers when I'm asleep, and using my Android to mine Monero and selling it back to me for my Bitcoin.

This is real guys. We should be super worried.

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April 20, 2019, 09:55:00 PM
 #13

In the end, I think this is just speculation which extends for years without any real evidence.
Even the smallest bit of speculation is enough to blow up in articles like these.

North Korea is such an easy target to link to Bitcoin, that it is actually not an interesting option for them to utilize it at all, especially with how advanced blockchain analysis is today. Bitcoin is a horrible tool for that.

It makes more sense to use protocols such as XMR with how little media attention there is around them, and there is an actual form of privacy here. Or they use a basket of crypto currencies to hedge their risks, which makes sense as well.

If you think logically, transporting physical US dollars and gold bars is still happening between rogue governments, and this allows them to transact without leaving a trail behind on the internet.

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April 20, 2019, 10:28:53 PM
 #14

This is not about ordinary citizens, but about the government which is under sanctions and can not function normally
Clear. I though for a while they are thinking/talking about their citizens... If China is restricting something, why NK will allow it! My bad.

It makes more sense to use protocols such as XMR with how little media attention there is around them, and there is an actual form of privacy here. Or they use a basket of crypto currencies to hedge their risks, which makes sense as well.

If you think logically, transporting physical US dollars and gold bars is still happening between rogue governments, and this allows them to transact without leaving a trail behind on the internet.
Correct and correct, but who knows whether they are using actually cryptocurrencies or not? They are using several methods for sure to bypass sanctions.
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April 21, 2019, 03:00:12 AM
 #15

Correct me if I am wrong but North Korean don't have a free access to the Internet nor can afford a computer easily! How could they switch even partially to cryptocurrencies!
This is not about ordinary citizens, but about the government which is under sanctions and can not function normally, and therefore can not provide its citizens some seemingly ordinary things which they as people definitely deserve. Many will say that North Korea does not care too much for their citizens, but some things have changed for the better.

If bitcoin can help to someone to live better, personally I do not see a problem to be used by North Korea as well. But bitcoin is just connects to some bad things, and in this case with NK nuclear program.

In the end, I think this is just speculation which extends for years without any real evidence.

the characteristic of decentralization, no people can't hold back to using bitcoin.
but i agree with this point, if bitcoin can help anyone to made his life more better is a great solution to make bitcoin more usefull
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