Pyongyang-coin: a Way to Survive under US Sanctions

News / October 3, 2018 / Comments: 0

Washington claims that North Korea is using cryptocurrencies to evade US sanctions. Namely, Pyongyang allows well-known crypto coins and tries to come up with its own one. “Crypto-currencies have the added advantage to the DPRK of giving them more ways to circumvent US sanctions. They can do so by using multiple international exchangers, mixing and shifting services – mirroring the money laundering cycle – to exploit international financial institutions that have correspondent banking relationships with the United States,” comment US experts.

Miranda and Deltson, Washington financiers, state: “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.”

“Not proven” = “permitted?”

The US assures that soon North Korea will create its own blockchain and wallet services. In such a way coins mined in North Korean can get accepted by European exchanges leaving US sanctions far behind.

It’s worth noting that all US statements still need to be confirmed. Local financial researchers can’t provide accurate data to prove a point. Still, many America’s rivals including Iran and Venezuela have chosen cryptocurrencies as a way to resist US economic pressure.

elegro team is really curious to know how this is going to end. So far, one thing is for sure: it seems that cryptocurrencies help some countries to survive. Well, that’s good news.

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