A research report has suggested that in 2017 for a short time-span, North Korea endeavoured mining of cryptocurrency, namely, Bitcoin. The report has been released yesterday, 28th August, 2018 based on the research conducted by Korea Development Bank [KDB] of South Korea. The findings of the research has suggested that from May to July, 2017 North Korea engaged in the activity of Bitcoin mining.
This effort was directed towards the work that had been revolving around international sanctions which included the financial and banking sanctions. The report has also highlighted the inclination that North Korea possessed for digital currencies and tokens since it maintains the anonymity of the users. The underlying reason behind this interest is the absence of any other means which is completely untraceable and apt for hiding money laundering acts from other nations.
The relationship between cryptocurrency and North Korea goes is quite old. The first crypto transaction that has taken place in the nation is way back in 2014. Nevertheless, stringent measures for maintaining the secrecy of the operations which are conducted by the government have been implemented. The report has been very explicit to state that the nation actively carried out transaction of cryptocurrency as an easy alternative to funding.
The program of nuclear missile has imposed sanction on North Korea by other nations, as per this research. This has resulted for the dictatorial government of North Korea to have very few financial resources. However, the report has specified that for a short duration the mining operation has taken place in the nation. A remarkable fact has been revealed in the research stating that the citizens of the nation have no idea about cryptocurrency.
Few of the most complicated acts of cryptocurrency exchanges’ hacking have occurred in North Korea. A South Korean report has asserted that coins amounting tens of millions of dollars have been stolen from crypto exchanges by North Korea. For the major hacking incident of Youbit Exchange that have taken place in December, 2017, North Korea is under primary suspicion.
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