North Korea has developed new software to engage in mining Monero cryptocurrency as an alternative to avoid sanctions.
The regime in North Korea has been in the news recently with several accusations of cryptocurrency theft and scams. The Asian country has received several financial sanctions from the United States and other western nations due to the refusal of the regime to suspend its ballistic missile and nuclear enrichment programs.
North Korean leader Kim Jung Un has been accused of using cryptocurrency to generate illegal revenue for his projects and the country’s military acquisitions.
Why is North Korea interested in Monero mining?
Monero is a private open-source cryptocurrency launched in 2014 and is noted for its privacy and decentralization. This could be a major reason why Monero mining has now become a new haven for North Korea. Hackers in North Korea have targeted several western corporations and investors in cryptocurrency, especially South Korean crypto exchanges.
The North Korean regime was fully involved in bitcoin mining and Monero mining, but has now decided to focus its full attention on Monero investment. This is not unconnected to the fact that Monero transactions are anonymous, which has made it easier for North Korea to avoid financial scrutiny and controls. Contrary to bitcoin where the transactions are open and available for anyone to access or check, Monero transactions are encrypted and the identity of the sender and receiver is well hidden.
North Korea investing in Monero mining to evade sanctions
The recently released report by Recorded Future has indicted the regime in North Korea of engaging in numerous cryptocurrency-related cybercrimes. This according to the report has enabled them to amass stolen assets and provided the enabling platform for the mining of cryptos to expand its nuclear power.
It is believed that the mining and investment in Monero by North Korea, due to its privacy, will ensure that the transactions and related information will remain hidden, not only from the public but also the scrutiny of the United States and the United Nations Security Council that had imposed the sanctions on the country.
Featured image by Pixabay.
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