The latest round of sanctions imposed on North Korea by the UN aims to target some of the major streams of external revenue of the country. A complete prohibition of all types of textile in North Korea could cost the regime a billion dollars, and some observers say that the North Koreans are already feeling the pressure following the previous sanctions. With prohibitions restricting the flow of money, the country turns towards the bitcoin, and other crypto-currencies to fund their programs, instead of suffering from new pressures. Moreover, it has been reported that the regime of Kim Jong-un aims the exchange of crypto-currencies in South Korea, with at least three successful attacks confirmed.
Use crypto-currencies to have a source of income that is viable
According to Naeem Aslam, a commentator on CNBC, Bloomberg and Forbes : “The country has intensified its efforts to secure more bitcoins and other crypto-currencies. North Korea has a army of hackers that target constantly South Korea, which remains one of the hubs of crypto-currencies. This strategy could help the country to circumvent many trade restrictions, which also include the new sanctions. “North Korea is not seeking to put an end to their nuclear testing programme anytime soon, the United States are required to make pressure for the application of sanctions more stringent and restrictive of the part of the UN. This could force the regime already desperate, Kim Jong-un to intensify its efforts to piracy.
How far will North Korea ?
At the present time, there is no evidence of other attacks on north Korean on the exchange of crypto-currencies, other than those against South Korea. If other cases will eventually appear in the media, this will not really be a surprise, because the countries could go further to get rid of its isolation. If it is the intention of Kim Jong ONE, this could be a dangerous strategy given the current volatility of the price of crypto-currencies.