With the new US economic sanctions pushing a bunch of economies to bleed, North Korea reportedly inclines towards the use of cryptocurrencies to evade the subsequent break-down. A They further elaborated that North Korea would use a “mixer” also known as a “Laundry, Tumbler and a Washer”, which entails moving cryptocurrencies in order to hide their tracks; often sending the same type of cryptocurrency back to the original source.
“It is equivalent to requesting change for a $100 and receiving different denominations in return totaling a $100.”
Miranda and Delston.
It is likely that North Korea will follow the lead of Iran to create their own cryptocurrency for the purpose of evading economic sanctions. The analyst duo further suggests:
“their own cryptocurrency would also facilitate their ability to open online accounts under the guise of a non-adversarial nation using anonymous communication to conceal the user’s locations and usage on the internet.”
DPRK could create After playing around with a number of anonymous accounts, the cryptocurrency will head towards European exchanges that have relationships with a U.S. based bank where they’ll be converted to USD.
“Voilà, the DPRK now has U.S. dollars with none of those pesky sanctions attached.”