RATE Group | North Korea is Using Cryptocurrency to Evade U.S. Sanctions: Experts
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North Korea is Using Cryptocurrency to Evade U.S. Sanctions: Experts

26 Sep North Korea is Using Cryptocurrency to Evade U.S. Sanctions: Experts

Posted at 23:24h in Cryptocurrency News by

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Donald Trump Kim Jong Un

Two Washington-based financial experts say that North Korea is increasingly using cryptocurrency to evade U.S. Sanctions.

According to Lourdes Miranda, a financial crimes investigator specialized in intelligence collection and analysis, and Ross Delston, an expert witness who specializes in anti-money laundering and combating the financing of terrorism, Pyongyang is creating its own cryptocurrency and is likely also using popular cryptocurrencies like bitcoin.

Cryptocurrencies are being preferred by international criminals and for terrorist financing, and the country of North Korea is no exception, the duo said in a written statement to Asia Times. They said:

“Crypto-currencies have the added advantage to the DPRK of giving them more ways to circumvent US sanctions.”

They added, “They can do so by using multiple international exchangers, mixing and shifting services – mirroring the money laundering cycle – to exploit international financial institutions that…

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