KIM JONG UN and bitcoins
Aug 29, 2017 Posted / 1948 Views
1. North Korea is quite a secretive country, and which is ruled by its dictator Kim Jong Un.
2. Many facilities are restricted in North Korea from Internet to Television, but the country has been quite active in the matter of cryptocurrency.
3. In the early months of this year, North Korea was accused of allegedly transferring around $1 billion from Bangladesh’s bank into New York Fed via Swift messaging network.
4. Other reports said that the Wanna cry ransom malicious virus has its base from North Korea, which had attacked numerous of Computers and their personal information about money transaction was stolen.
5. According to Yonhap Agency Reports, North Korea is also predicted to be stealing bitcoins around $88,000 from South Korean exchanges from the year 2013 to 2015.
6. The North Korean cyber criminals have turned their way to bitcoins since it is a currency which cannot be tracked.
7. By doing this Kim Jong Un has been labeled with the charges of bitcoin extortion from the year 2012.
8. May be Kim Jong Un wants to boost its currency base via bitcoins, since it has such a huge market value.
9. Bitcoin has surely been arrived in North Korea country, since large scale of bitcoin mining have been started.
10. It has also completed it first transactions, and people now have an access over bitcoins in North Korea.
11. But since there are no facilities to access the internet, the citizens cannot use Bitcoin in a broader sense.
12. The citizens can just use in a way of shopping if the shops accepts the cryptocurrency
13. But Kim Jong Un is not interested in making and using bitcoins as a usable currency, which is why the Bitcoin will remain useless, until his permission.
14. North Korea has been launching more cyber attacks targeting the bitcoins exchanges, financial services, some start up companies using blockchain technology have also been targeted in South Korea.
15. South Korea reportedly thinks that all the bitcoin exchanges have been targeted by the North Korea and it has also launched many cyber attacks.
16. Clear reasons for it cannot be verified, but the reason can be because it wants to fill its reserve of wealth via bitcoins
17. The coal exporting processes have been turned away in North Korea, that is the reason why it has been facing financial low.
18. In order to generate revenues, North Korea has found this way to generate bitcoins.
19. But the question arises if North Korea is interested in bitcoins, why doesn't it makes a straight sensible route to generate it and make it accessible for all the people rather than carrying out the attacks on South Korea’s exchanges time and again.
20. If North Korea succeeds in generating bitcoins and other currency, it has not to rely upon its fiat currency for the finance.
21. The UN has also imposed sanctions on North Korea, due to which the North Korea is going through a financial turmoil.
22. South Korea had supported the sanctions imposed by the UN, thus in a way to take revenge and express its disregards, North Korea is doing such activities on South Korea.
23. The question also arises how to be protected from such kind of attacks, which are a threat to any nation having and accessing bitcoins
24. While Kim Jong Un is quite an unpredictable leader, the future of Bitcoins in North Korea can not be said in any regards.
25. May be they can adopt it completely to come out of the financial turmoil, or they may not do.
26. It is for the time to tell, but currently the huge attacks on South Korea and its various sectors are a matter of concern, not only for the country itself , but also for others to decipher the reasons and motive behind such malicious acts.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.