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North Korea Creates Crypto Scheme To Circumvent US Sanctions — Experts

Published: 25/09/2018
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What is it for?

North Korea circumvents the sanctions imposed by the US government and is engaged in money laundering using digital assets, Asia Times informs.

 

Two experts from Washington, Lourdes Miranda, an independent expert in financial intelligence, and Ross Delston, an anti-money laundering lawyer, are sure that Pyongyang develops its own crypto in addition to selling and acquiring cryptos.

 

Both experts are convinced that Korea is circumventing sanctions with the help of international crypto exchanges, mixers, and other services in order to eventually use the services of financial institutions that are relevant to the American, European and Asian currency markets. In fact, these mechanisms enable Korea to acquire foreign currency in circumvention of imposed US sanctions.

 

Miranda and Delston explained that the DPRK can create its own digital accounts and wallets that will be given access to conducting anonymous transactions on blockchain through personal European wallets for which the US sanctions aren’t applied.

 

The final and most important stage in the DPRK’s process of money laundering is achieved by sending its own digital currency to crypto trading platforms, which have the ability to convert cryptocurrencies into fiat.

 

As previously reported, North Korea is going to hold an international conference in October in Pyongyang, devoted to the development of blockchain technology and cryptos.

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regulation Korea USA
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