North Korea May Sidestep UN Sanctions with Bitcoin: Opinion
With more UN restrictions, North Korea may turn to digital currency as a way out.
The latest round of sanctions imposed on North Korea by the UN is aimed at targeting some of the country’s biggest external revenue streams.
A complete ban on all textiles from North Korea could cost the regime close to a billion dollars and some insiders say North Koreans are already feeling the squeeze as a result of earlier sanctions.
Image: NBS News
With bans restricting the flow of money, the country is turning to Bitcoin and other cryptocurrencies to fund their programs, instead of bowing down to pressure.
It is reported that Kim Jong UN’s regime is targeting South Korean cryptocurrency exchanges, with at least three confirmed successful attacks.
Naeem Aslam, a CNBC, Bloomberg and Forbes commentator, says:
“The country has stepped up the efforts in securing more Bitcoins along with many other cryptocurrencies. North Korea has an army of hackers who are constantly targeting South Korea, the hectic trading hub for cryptocurrency. The strategy would aid the country in bypassing many trade restrictions which also include the new sanctions.”
With North Korea not looking to halt their nuclear testing program anytime soon, the US is bound to push for even tighter and more restrictive UN sanctions. This could force Kim Jong UN’s already desperate regime to intensify their hacking efforts.
At the moment, there’s no evidence of North Korean attacks on cryptocurrency exchanges outside of South Korea. If some cases do eventually emerge, it won’t come as no surprise though, as the country might look further afield to claw its way out of its cash strapped isolation.
If this is, in fact, Kim Jong UN’s intention, it might be a dangerous strategy given the current price volatility of digital coins.