Progress of Bitcoin Trading in North Korea

Since the UN Security Council resolution was passed in August 2017, banning North Korea from trading with the outside world in an attempt to cut off their funding for nuclear weapons development, there has been a noticeable decrease in international Bitcoin (BTC) trading activity emanating from the country. Visit https://quantum-code.io/  for further information.

Data collected by BitFury’s Crystal Blockchain Analytics platform shows that, in the months following the UNSC resolution, BTC trading volume from North Korean addresses dropped sharply, from a peak of over $5 million worth of BTC traded per month in late August to just $50,000 worth of BTC traded per month by February of this year.

The data also shows that North Korean BTC trading activity has been steadily declining since then, with only $30,000 worth of BTC traded from North Korean addresses in the month of May.

This decline in BTC trading activity may be due to a number of factors, including the UNSC resolution, which made it more difficult for North Koreans to trade with the outside world, and the recent crackdown on cryptocurrency exchanges by the Chinese government, which has also likely had an impact on North Korean BTC trading activity.

It is worth noting that, while the data shows a significant decrease in North Korean BTC trading activity since August, 2017, it is possible that some North Korean BTC trading activity is still taking place off-exchange and/or through peer-to-peer (P2P) channels.

Thus, the true extent of the decline in North Korean BTC trading activity may not be fully reflected in the data. However, it is still clear that North Korea’s BTC trading activities have significantly decreased since the UNSC resolution was passed, suggesting that the resolution has had a significant impact on North Korea’s ability to trade with the outside world.

In fact, Kim Jong Un even reportedly banned bitcoin use and transactions by members of his inner circle back in 2017 as a way to tighten his grip on power. The ban wasn’t necessarily out of Kim’s hatred for cryptocurrencies but rather a way to keep officials from trading cryptocurrencies so their assets could potentially be taken from them at any time (since crypto is hard to track).

Role of Bitcoin Trading in North Korea’s Economy

North Korea is a country that is often in the news for its secretive and autocratic regime. The hermit kingdom has been cut off from the rest of the world for decades, and its economy is struggling. In recent years, however, North Korea has shown signs of openness and reform, and its economy has begun to grow. One of the driving forces behind this growth is North Korea’s new-found interest in Bitcoin trading.

Bitcoin trading offers a number of advantages to North Korea. First, it is a way for North Koreans to get access to foreign currency. North Korea’s economy is heavily reliant on trade with China, but due to international sanctions, North Korea doesn’t have much access to foreign currency. Bitcoin trading provides a way for North Koreans to access the wealth that is stored in foreign currencies.

Second, Bitcoin trading offers a way for North Korea to engage in illicit activities, including drug smuggling and money laundering. Because of its anonymity, Bitcoin has become a popular currency on the dark web, and North Korea sees huge potential here. By engaging in Bitcoin trading, North Korea can continue its illegal activities without much fear of being caught or punished by other nations.

And finally, Bitcoin trading offers an alternative to the government-controlled system that currently exists in North Korea. Many within the country are unhappy with how the current regime controls everything from prices to wages to employment opportunities. They hope that opening up to new economic systems will lead to greater prosperity and more freedoms for North Koreans.

Bitcoin trading is still in its early stages in North Korea, but it has already begun to have a significant impact on the country’s economy. As North Korea continues to open up and reform, we can expect to see even more growth in this area. And that could be good news for the people of North Korea who are yearning for a better life.

Future of Bitcoin Trading in North KoreaIn the future, it is expected that Bitcoin trading in North Korea will increase drastically. This is mainly due to several factors related to an increased use of cryptocurrency in this country and a tightening grip on cash money by its government. In addition, there are also reasons for potential growth in other areas such as peer-to-peer transactions and online gaming. Let’s take a look at some of these factors to better understand why the rise in Bitcoin trading could be just around the corner for North Korea .

PKI-Security Engineer & security blogger at gbhackers.com. She is passionate about covering cybersecurity and Technology.

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