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Cryptocurrencies are Perfect for North Korea, read the attached article…..

Cryptocurrencies are Perfect for North Korea, read the attached article.....

This is  a name we seldom hear, the defense think tank, Royal United Services Institute. This institute put together a report stating that the sanctions imposed on the reclusive state could be one reason why it will be inclined to exploit cryptocurrencies as a way to obtain funding and evade the pain of such international restrictions. The North Korean state has been accused of using cyber attacks to gain financial resources needed to keep its nuclear missile programs going as it has little to no access to hard currencies and international trade.

The cyber capabilities of North Korea are so strong that it can move into financial networks and pose a threat to the growing yet very vulnerable, cryptocurrency sector, according to British defense and security think tank RUSI. As mentioned the North Koreans can gain access to financial resources by cyber breaks. Sanctions are hurting North Korea and the regime is getting desperate and is of course acting as such. And North Korea admitted to this when it met President Trump in Hanoi – so it does make a lot of sense that it has and likely will use the cryptocurrency markets to gain the leverage it needs to fund its programs.

Hard Currency – the currency that can be traded on international markets such as the US dollar, the British Pound, the Euro, and the Japanese Yen are all very large and liquid hard currencies. No one on the plane would take payment for anything in a currency printed in North Korea so it is said that Kim Jong-un uses US dollars and Japanese Yen for all transactions. So the idea that, or the accusations that North Korea is using the crypto space to transact internationally does make sense. Especially given the fact that many cryptocurrencies are difficult to impossible to trace. Crypto is perfect for North Korea and its regime.

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