Cryptocurrency Q&A
Could cryptocurrency help North Korea pay for banned goods & services?
Could cryptocurrency help North Korea pay for banned goods & services?
Martino
Tue Jul 16 2024
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Could you elaborate on the potential role of cryptocurrency in assisting North Korea in bypassing sanctions and purchasing banned goods and services? Given the high level of secrecy and technological advancements within North Korea's regime, could cryptocurrencies provide a covert means of financing illicit activities? Are there any specific cryptocurrencies or blockchain technologies that North Korea could utilize to facilitate such transactions? Additionally, what measures are being taken by international agencies and governments to monitor and prevent the use of cryptocurrencies for illicit purposes in North Korea?
6 answers
Bianca
Thu Jul 18 2024
Cryptocurrency has emerged as a tool for North Korea to evade international sanctions, according to the United Nations.
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CryptoTamer
Thu Jul 18 2024
This unconventional financial instrument enables the country to conduct transactions without the scrutiny of traditional banking systems.
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Michele
Wed Jul 17 2024
BTCC, a UK-based cryptocurrency exchange, offers a wide range of services including spot, futures, and wallet facilities.
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DigitalDragon
Wed Jul 17 2024
The Royal United Services Institute, a prestigious London-based think tank specializing in defence and security, has highlighted this concern.
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GeishaMelody
Wed Jul 17 2024
They argue that by utilizing cryptocurrencies, North Korea can potentially fund its banned goods and services purchases.
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