Is Bitcoin allowed in North Korea ? - page 2.

novaprime

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UniDApp - it's DeFi time!

Quote from: Quickseller on August 25, 2017, 11:00:31 PM

No. Most people in NK don't have sufficient money to buy their own necessities and lose little via transaction costs so it would make little sense for them to invest and/or use Bitcoin anyway. Also they effectively have no internet access, so it would be nearly impossible to use Bitcoin anyway.

I suspect the government uses Bitcoin to get around sanctions and to buy weapons they shouldn't be buying and laundering money. Although this is mostly speculation. It does make sense though.

I agree with you . Most of all countries do not have diplomatic relations with North Korea, so the government's use of Bitcoin to buy weapons is quite possible as it helps North Korea build a great deal of weapons.

Quickseller

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No. Most people in NK don't have sufficient money to buy their own necessities and lose little via transaction costs so it would make little sense for them to invest and/or use Bitcoin anyway. Also they effectively have no internet access, so it would be nearly impossible to use Bitcoin anyway.

I suspect the government uses Bitcoin to get around sanctions and to buy weapons they shouldn't be buying and laundering money. Although this is mostly speculation. It does make sense though.

libert19

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Quote from: bamboylee on August 25, 2017, 09:14:16 PM

I do not think there are north koreans involved in bitcoin. Everything there is censored so it is impossible that people will learn anything about bitcoin. And even if they have bitcoin if they cannot spend it in their own country, it is practically useless.

Well mate, I am in India and no one accepts Bitcoin. That does not make it useless :/

nejibens

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Quote from: cpfreeplz on August 25, 2017, 09:52:36 PM

Quote from: nejibens on August 25, 2017, 09:09:04 PM

I think it is used by some people there, government can't ban Bitcoin as long as there is Internet connection accessibility.

But they certainly can monitor, trace and steal your funds. You don't think that Kimmy isn't going to seize any bitcoins he sees attached to your IP? Think again. That's not how dictators work.

They can't steal the coins if the wallet is secured enough and if the bitcoiner is using TOR or similar proxies. But the question is the internet available there or not, because without access to the Internet no one can deal with Bitcoin as known.

Cloud27

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Bitcoin for me is not allowed in North Korea, most transactions in North Korea are centralized, while bitcoin is decentralized its kind of ironic to me. How will the bitcoin flourish, if the citizens have no internet access. Also the distribution of electricity is limited, only the privilege one can have the supply. so even mining the bitcoin is not recommended.

audaciousbeing

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If the level of dictatorship has gotten to this height of not able to access the internet as I have read here, then there really something wrong in NK but I am still yet to see a North Korean comment to tell us the real situation of things over there because its all I have read is "I think". Most countries have not come out to accept bitcoin but at the same time did not regulate the internet and that's why bitcoin still thrives for NK then its a different ball game totally.

Golftech

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Quote from: cpfreeplz on August 25, 2017, 09:52:36 PM

Quote from: nejibens on August 25, 2017, 09:09:04 PM

I think it is used by some people there, government can't ban Bitcoin as long as there is Internet connection accessibility.

But they certainly can monitor, trace and steal your funds. You don't think that Kimmy isn't going to seize any bitcoins he sees attached to your IP? Think again. That's not how dictators work.

That's how he control that place no one can complain about that this man controls everything inside his jurisdictions and not even a single person try to contest that Kim will just grab your bitcoin if you dare to use it inside n.korea

Razick

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Not only is Bitcoin allowed in North Korea - the government is mining it themselves. According to recent reports, North Korea is mining Bitcoin and possibly other cryptos as we speak. It is very smart of them, getting ahead of the curve for when the price hits $1,000,000. I don't know if the propaganda about their drought/famine is true, but a few thousand Bitcoins certainly wouldn't hurt to help with that. Tongue

Grant Hero

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Any government can NOT restrict or regulate the use of blockchain technology and Bitcoin because it's decentralized. That's the beauty of the technology itself. However, they can restrict access to the Internet which would prevent users from accessing the technology. As another user previously mentioned in the thread, Internet usage is restricted and only available in certain areas of the country.

CryptoBry

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Quote from: Hellacopter on August 25, 2017, 08:42:05 PM

Is it allowed to use and trade Bitcoin and other currencies in North Korea? And is there any North Korean members of this forum? Because I heard even the Internet connection is only available for a few number of people there.

I think that crazy and demagogue regime of North Korea is not allowing their citizens to get involved with Bitcoin as an official policy. This is one of the few countries where people do not have even the basic freedom to do the things they want to do...sadly people just love it (though we don't know what can be below the surface).

However, as long as there is an internet connection then maybe there can be a few North Koreans who are secretly dealing with cryptocurrency. I heard that there are already some people who got access to internet in this isolationist country.

Let's hope and pray that one day the regime will fall so that a better day can be coming for North Korea.

krishnapramod

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Quote from: nejibens on August 25, 2017, 09:09:04 PM

I think it is used by some people there, government can't ban Bitcoin as long as there is Internet connection accessibility.

In North Korea it isn't a democratic government, but dictatorship. Use of internet is highly restricted, only a small majority have access to internet. There are some rumors about the North Korean government's interest in bitcoin

1. It is rumored that the WannaCry ransomware is linked to NK.

2. It is rumored that state backed bitcoin mining operations are going on in NK.

3. It is rumored that state backed hackers stole bitcoin from South Korean exchanges.

Sadlife

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I think internet access isn't allowed in north korea and also crypto currency cause they can't even use internet it is only allowed in a few ranking officials but i haven't heard north korea accepting bitcoin or any crypto currency they must be only using their own fiat currency to buy good and services. I think even kim jong un doesn't know anything about digital currency they're busy making some nuclear bombs. The only that is here in bitcointalk are from the south korea.

GreenBits

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Quote from: nejibens on August 25, 2017, 09:09:04 PM

I think it is used by some people there, government can't ban Bitcoin as long as there is Internet connection accessibility.

HA.

Man, they like, gave a dude brain damage because he tried to steal a banner. Yes, a banner. What I would absolutely not be willing to do is piss off an totalitarian government like NK; given the amount of government monitoring of internet traffic, and the amount of censorship; I dont think its really worth it to play with something like this in this particular country. I even have trouble, as I type this, finding the legal status of bitcoin in NK ( i thought it was illegal, but I cant confirm that as I actually look).

Even if bitcoin is totally legal, given the legal climate, is it smart to have undeclared financial value in a regime like this? Seems like a way to get mad prison time, IMO, even if you have good intentions Wink

cpfreeplz

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Quote from: nejibens on August 25, 2017, 09:09:04 PM

I think it is used by some people there, government can't ban Bitcoin as long as there is Internet connection accessibility.

But they certainly can monitor, trace and steal your funds. You don't think that Kimmy isn't going to seize any bitcoins he sees attached to your IP? Think again. That's not how dictators work.

v0rtecxz

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If my opinion is wrong, please fix it, I think how they engage in bitcoin while their country, shut out from the outside world, I think if anyone is incorporated in bitcoin, it will be difficult for them, and use it, and Knowledge about bitcoin maybe Up here difficult Gained, and Few people may be able to access it, because the internet is hard to come by, and maybe bitcoin will not be accepted and will be illegal

bamboylee

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I do not think there are north koreans involved in bitcoin. Everything there is censored so it is impossible that people will learn anything about bitcoin. And even if they have bitcoin if they cannot spend it in their own country, it is practically useless.

nejibens

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I think it is used by some people there, government can't ban Bitcoin as long as there is Internet connection accessibility.

Hellacopter

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Is it allowed to use and trade Bitcoin and other currencies in North Korea ? and is there any North korean members of this forum ?

Because I heard even the Internet connection is only available for a few number of people there

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