North Korea bypasses sanctions, thanks to cryptocurrency services


To undermine the sanctions policy of the US authorities, North Korea decided to use the cryptocurrency assets and opportunities for international exchanges. Reports the Asia Times, citing experts.

Pyongyang to bypass the cryptocurrency of sanctions avoids the requirements of the policy “Know your customer”(KYC) — this is the opinion of an independent analyst in the financial intelligence and crimes Miranda Lourdes and American lawyer Ross Delston.

“The government of North Korea can open an online wallet using the Russian service, and then bring the cryptocurrency to some Bulgarian wallet, then transfer money wallet registered in Greece, and all this will happen through an anonymous network based on a private blockchain”, — according to experts, such scheme of North Korea.

According to the above-mentioned Lourdes and Delston, the concealment of data of the sender is achieved using bitcoin-mixers. The scheme may allow the authorities of the DPRK to exchange digital currency for Fiat money, making financial transactions in Europe, Asia or America. Ultimately, North Korea could earn foreign currency, thereby easily evading the sanctions.

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