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North Korea Uses Cryptocurrencies to Escape US Sanctions

Published 09/27/2018, 10:14 AM
Updated 09/27/2018, 11:21 AM
 North Korea Uses Cryptocurrencies to Escape US Sanctions
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Pyongyang has been successfully escaping stiff sanctions imposed against the banking system of the country by using cryptocurrency assets to trade, Asia Time reports, citing the recent findings of two Washington-based financial intelligence analysts.

The experts believe that North Korea has quite a collection of handy tools devised by criminals to exploit international financial institutions for money-laundering purposes without anyone even knowing what's going on. The country allegedly uses popular cryptocurrencies like Bitcoin and is also working on its own digital asset, apparently, following in footsteps of crisis-stricken Venezuela.

"Having their own crypto-currency would also facilitate their ability to open online accounts under the guise of a non-adversarial nation using anonymous communication to conceal the user’s locations and usage on the internet,” Lourdes Miranda, a financial crimes investigator, and Ross Delston, an independent Washington-based attorney explained in a email to Asia Times.

Moreover, Pyongyang can...


This article appeared first on Cryptovest

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