North Korea Is Bypassing U.S. Sanctions...What Could This Mean for Everyone?

godcoin (58)in #crypto-news • 6 years ago

Within the past few days, Asia Times reported that North Korea has been using cryptocurrency, like Bitcoin, as a workaround for avoiding the U.S. sanctions. Two financial intelligence analysts from Washington have reported all in the article. These two analysts, Lourdes Miranda, and Ross Delston, stated that "it was also likely that Pyongyang was both trading with established crypto-currencies and also creating its own" as well as using the Bitcoin blockchain. They were also discussing that the DPRK could have created their own blockchain to edit their own publicly recorded transactions. By using their own blockchain, they would be able to essentially go incognito and use other countries digital locations to deposit funds and end up with USD.

Miranda and Delston made it clear that the DPRK could create its own online wallet services – virtual bank accounts – that store, receive and send crypto-currencies into European online wallets that have limited or no Personally Identifiable Information (PII) requirements and/or do not have US sanctions imposed against them.

'Wallets create both public and private keys for security and privacy purposes, they said. 'For example, DPRK could open an online wallet using a Russia-based service, transfer its crypto-currency into a Bulgaria-based wallet service and then transfer it again into a Greece-based wallet service, all through anonymous communication and using their own blockchain.'

The article goes into more detail about how this all could be done, using mixing services, or shifting services. This would allow the country to pull a fast one and be able to covert cryptocurrency into fiat currency. The article states:

'This is an excellent opportunity for crypto-currencies that originated – or were ‘mined’ – in the DPRK, then split and transferred into multiple European wallets to then find their way to European exchanges that have US correspondent banking relationships with a US bank.'

'Voilà, the DPRK now has US dollars with none of those pesky sanctions attached,' said the pair.

Source

A CCN article made an interesting point while reporting this news, "America’s rivals including Iran, North Korea, Russia, and Venezuela have recently turned to cryptocurrencies in order to counter economic pressure from the U.S. and its allies."

Source

There are two things here that SHOULD be pointed out. These countries are taking an easy and short route for now, but in the future, it will crash and burn as the volatility of Bitcoin will eventually catch up with them because even the predictions have not been that great for Bitcoin. So, if Bitcoin falls, the rest that isn't backed by tangible assets fall as well. If that's not the case first, then the U.S. is clearly going to catch on if these claims are true, and this could be a potential trigger for war. We've all seen the news as propaganda soars and makes the next World War trend like it's Kim Kardashian. This war HAS been written about in many religious and secular texts, so as prophecy continues to unfold, it is a wise idea to invest in the proper place, and that won't be Bitcoin.

Source

Unfortunately, Bitcoin is too volatile and GODcoin has written in the past the other reasons. GODcoin is the official currency of Christ, the returned Christ, Lord RayEl, and it will be the one to surpass all the rest. It will be backed by gold and silver, so there will be no worry of it crashing and burning like other cryptocurrencies. With WW3 on the horizon, and the economy spiraling into itself, it's time to invest in the only cryptocurrency that Christ gave his stamp of approval on, and for good reasons.

This article was authored by Judith Monte, @belovebelight

There are many advantages to GODcoin especially since it is one of the few coins that will be backed by gold and silver. Not only does GODcoin offer the illuminated path towards a prosperous future, but very soon, it will be the global currency. To learn more, visit the following links:

View the history leading up to the white paper