North Korea is investing in Monero to get around UN sanctions

The Democratic People's Republic of Korea is expanding its operations of privacy coin Monero (XMR) in order to avoid economic sanctions put on them by the United Nations and the USA.

The Kim-Jong Un regime has been repeatedly accused of using cryptocurrencies to fund their ballistic missile programs. According to a report by cybersecurity company Recorded Future, Monero network traffic originating from IP addresses belonging to North Korea have increased at least ten times since last year. 

 

DPRK is using cryptocurrency to avoid sanctions.

According to the report, Monero is the most popularly mined cryptocurrency in the country, surpassing the regime’s bitcoin mining activities. The Kim Jong Un led regime has previously been accused of using cryptocurrencies to avoid US and UN economic sanctions. The sanctions disallow North Korea to engage in any international trade. The East Asian country has also been accused of using crypto to fund its nuclear and weapons of mass destruction. 

 

North Korea to host a cryptocurrency and blockchain conference this month.

North Korea is all set to host a cryptocurrency and blockchain conference later this month. However, the UN has warned people against the conference and flagged it as a violation of UN sanctions. In December last year, former Ethereum researcher, Virgil Griffith, was indicted over attending a crypto conference in North Korea. He has been charged with conspiracy to violate the International Emergency Powers Act and is under trial in the US. 

ADVERTISEMENT
Avatar
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here