KDP Report Claims Crypto Mining Activity In North Korea
Yonhap News released a statement claiming that North Korea may have been involved in mining digital currencies in small quantities last year. It is believed these mining efforts were used as a way to bypass international restrictions regarding North Korean financial entities.
The claim also indicates North Korea’s interest in digital currency particularly certain tokens that maintain ultimate anonymity. Although it has yet to be officially admitted, the report suggests that North Korea remains active within the crypto scene used to fund political activity. It also stated a company in North Korea, Chosun Expo, is currently developing a platform to exchange Bitcoin. Although government projects indicate an understanding of the crypto industry, average North Koreans seem to be uneducated and do not know much about the concept of digital currency.
Cryptocurrency Might Be the Loophole North Korea Needs to Bypass Worldwide Sanctions
Although North Korea attempted to discover loopholes to several restrictions enacted as a result of the country’s missile activity, their government lacks resources necessary to raise funding. The report mentions that North Korea appears to have ceased all crypto activity and efforts towards mining anonymous tokens. With a reputation within the crypto community established since 2014, the country has become known for carrying out the largest cyber attacks on digital currency exchanges seen to date. In addition, evidence suggests the nation was also responsible for several recent online hacks between 2017 and this year
No Signs of backing out of Crypto
As of now, North Korea continues to experience tension from both the United States and other European Union nations, making it all the more necessary for North Korea to maintain its digital currency practices in any possible way.