Sunday, March 4, 2018

Bitcoin and North Korea :

Bitcoin and North Korea


The value of Bitcoin is the one that millions of people attribute to it without knowing what it really is worth, or understanding how it works. As it stands, Bitcoin is no more an efficient means of payment than a safe haven. Above all, it serves as an instrument widely used for the purposes of tax evasion and even financing of terrorism. In North Korea, for example, the production of Bitcoin has undeniably helped raise funds for Kim's regime. Indeed, the involvement - or even the absolute control - of the North Korean authorities in this manufacturing process seems obvious in this country where the number of computers and IP space are at least limited. In addition, many of the attacks targeting online trading platforms originate from this country which has thus found an additional way to enrich itself illegally.


However, this financial windfall that North Korea - which is one of the big winners worldwide for the Bitcoin craze - has forced its southern neighbor to put in place draconian its national banking sector largely used by the North to launder money and to escape international sanctions. In South Korea, the entire private sector is now obliged to denounce any suspicious financial transaction. The hunt is open against any company and anyone likely to favor North Korea who abused these South Korean channels to buy weapons as to finance its nuclear program. For example, it is strictly no longer possible to open an anonymous account in South Korea to process Bitcoin or any other currency processed electronically because these platforms have been widely exploited, not only for the benefit of the North Korean regime, but also by all tax evaders of the South anxious to evade the tax on inheritance. As this tax is 40% in South Korea, the logic of this fraud remains beneficial as the value of Bitcoin collapses by less than 40% ...

Has not his police just searched the two largest Bitcoin scholarships, Bithumb and Coinone? It is therefore clearer, in the light of this hunt for financing of terrorism and this strict regulation, the collapse of the value of Bitcoin of recent weeks. Widely used by fraud of all kinds in the two Koreas, but also in China where several production centers were unilaterally closed last January, Bitcoin rivals now with cash that is no longer the only vehicle operated for the commission of money laundering and crimes. It is not far away when a power - big or small - intervenes in an election with Bitcoins.
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