North Korea is generating billions of dollars in support of the illegal weapons programs and ballistic missile launches according to a confidential report from the United Nations. Experts providing the report suggest North Korea is using cyberspace, launching sophisticated attacks as a way to generate more funds.
Though the report is troublesome, it’s not completely surprising. Cryptocurrency offers criminals an opportunity to skirt government regulations across the globe, steering clear of all the red tape that governs central banks.
The .U.N.’s report goes on to say that many of the cyber criminals operating on behalf of the Democratic People’s Republic of Korea are doing so under the guidance of the Reconnaissance General Bureau, the country’s top military intelligence agency.
At the present moment, illegal activities and 17 different countries are under investigation. Authorities at the .U.N. believe as many as 35 attacks on financial institutions, cryptocurrency exchanges and mining pools involve individuals representing DPRK.
The Tension Is Rising
North Korea has a long history of violating the human rights of its citizens and drawing the ire of the international community because of it. President Kim Jong-Un is still threatening the United States of America, continuing to put his country’s military capabilities on display with four separate missile tests already launching this summer. The country’s acts of aggression are in direct response to the fact that the .U.S. is currently going through joint military exercises with South Korea.
All of this is happening despite the fact that .U.S. President Donald Trump is meeting consistently with Jong-Un. The two have already met three times to discuss halting North Korea’s weapons program. In June, Trump became the first .U.S. President to ever step on North Korean soil, setting foot in the nation’s demilitarized zone.
Still, the .U.N.’s report on North Korea’s multi-billion dollar money laundering tactics was published before the country’s most recent missile launches. It’s now quite clear that Jung-Un is intent on putting more pressure on the United States and United Nations. He is demanding more flexibility in negotiations and threatening a more intense military response as the alternative.
The .U.N. Security Council is already banning exports to North Korea as a way to choke out the funding of weapons programs. Trading of coal, iron, lead, textiles, seafood and crude oil are all either banned or severely restricted. In response, the North Korean government continues to transfer weapons-related materials and other luxury goods using ships.
What Does It All Mean For Bitcoin?
As the stakes continue to climb higher and more and more politicians and world leaders are recognizing Bitcoin as an unstoppable force, cryptocurrency hacks will continue to fund black market activities and ill-intent dictators.
The question is, what will political unrest do to the price of Bitcoin both now and in the future? On one hand, Bitcoin is currently trending up as alt coins lose steam. The price is flirting with the $12,000 mark. Some investors believe it’s going to be a safety net throughout this crisis. Even .U.S. Senators are going bullish. On the other hand, since Bitcoin is funding weapons programs. Perhaps the general public decides violence and a slowing market is reason enough to pull money out of Bitcoin.
Time will tell. For now, the world waits on edge as tensions between the .U.S. and North Korea are heating up.