Why doesn't North Korea open up a bitcoin exchange? - page 2.

unamis76

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Part of the answer is already on the article you link...

Quote

The Treasury Department said that North Korea's financial institutions operate with little or no international supervision -- making it easier for them to shift money for illicit purposes.

I don't think they'd like to use money for illicit purposes on a public ledger...

Quote

Security researchers said last year they believed a series of efforts to steal money from banks on the network used tools similar to those previously deployed by a sophisticated hacking group that has been linked to North Korea.

Good luck hacking Bitcoin Wink

Thus why they don't want it, beyond the obvious reasons stated above: no control.

An own currency would be unfeasible, because no internet, no phones, no nothing...

Quickseller

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In addition to the above mentioned fact that NK does not have very good internet access (only a very few number of sites are available within NK), if NK did open a bitcoin exchange, the exchange itself would have no access to the banking system because their signors are on the OFAC (SDN) list, and the exchange itself would likely be placed on the OFAC (SDN) list shortly after it is created.

Also, NK uses the low standard of living within it's country to it's advantage in order to control it's people. Using bitcoin would result in the NK government having less control over their people, which is not what they want.

LTU_btc

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Slava Ukraini!

Maybe a bit offtopic, but few days ago I saw news that North Korea hackers tried to hack ''bitcoin' accounts''. I'm not sure is it ''bitcoin accounts means bitcoin wallets, or they tried to hack users accounts on exchanges. But anyway, it means that North Korea need bitcoins, because they have lack of international currency.
Back to the topic. If they would open bitcoin exchange, I think that USA would try to block it. And personally, I wouldn't use their bitcoin exchange, because I don't want to support North Korea regime.

eternalgloom

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Quote from: freedomno1 on April 21, 2017, 02:30:06 AM

The node has to be located in China and considering the number of miners in China it is plausible the DPRK does mine Bitcoin.
The average citizen would not have access to a non-government monitored IP Address or Server so this information would be useless to them.
How to move the cash into the country and convert it to cash for the average citizen would be a classified intel document ^^.

Who knows? Perhaps they're also using it as an investment or something given that they can't trade with most other countries...
It's all speculation unless we'd hear a mention of it by some high level government official who has defected.

iram3130

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There are only 1024 IP addresses in North Korea, or may be a little higher than that. Let us assume that it is 2000, how can it modernize whole North Korea when there is only 2000 people who may use it.
I don't think there is any other country which imposes harsher rules on their own people. Cry

kurokishi10

newbie

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what a question!!! you basically know that they have imposed an infinite number of restrictions on the north korean citizens,bitcoin is a way modernized idea for them and kim would never accept it even if it would benefit him,because he wants things different,its not like it is impossible but for now lets hope that his dictatorship comes to an end. Grin

bitcoinisbest

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Not sure about the situation that exists in the N. Korea . I think is there anyone from that country who would like to share their experience about their daily life routine and what are their thoughts. Can bitcoin play any role in that country as its being controlled by one man.

freedomno1

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The node has to be located in China and considering the number of miners in China it is plausible the DPRK does mine Bitcoin.
The average citizen would not have access to a non-government monitored IP Address or Server so this information would be useless to them.
How to move the cash into the country and convert it to cash for the average citizen would be a classified intel document ^^.

senyorito123

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In my own understanding about north korea, their government doesn't wanted to use any other currency exchanged aside from what they are using which is their own currency money. Communist country has their own principle with regards to economic system and the government take control of everything in the country, power is their only means of controlling their people and the finances of everybody. The money generated by their people only circulates with their entire country community and no other currencies will be exchanged with them.

Theb

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Because it would give North Korea's government at a disadvantage. As we all know it is ran by a dictator in Kim Jong-Un in which he really wants a total control of his country. By having a Bitcoin Exchange or even allowing Bitcoin in a country they are giving North Korean Citizens power in which they will be able to hide on what they are transacting with. Also they cannot risk on something like that happening to their country.

QuestionAuthority

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You lead and I'll watch you walk away.

Yeah, they should have their own exchange. If they used Bitcoin they could buy ballistic missile parts on Amazon with a Bitcoin card. I hear their last missile test didn't go so well. LOL

mrcash02

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Quote from: Hydrogen on April 20, 2017, 08:33:38 PM

Quote from: aso118 on April 20, 2017, 08:27:43 PM

Bitcoin exchange would help North Korean exchange their existing currency for Bitcoin, a currency accepted worldwide.
You don't need 24 hours electricity to store bitcoins in your wallet.

If north koreans knew how little freedom they had in comparison to the rest of the world, they probably would have rebelled and overthrew Kim Jong a long time ago.

North koreans don't own modern luxuries like cell phones or computers & if they did, they certainly aren't able to access the internet of the outside world in a way that would allow them to use bitcoin.

Its not that north koreans lack 24 hr electricity. Its more like their entire civilization exists in a pre electrical age. Only the military and elites have electricity. Everyone else is using smoke signals or whatever people used to communicate before electricity and telegraphs were invented.

I believe they know or imagine how the rest of the world is, because even being a reestricted country sometimes one or two foreigners appear there, with the government permission, so they can show some pictures of external world, maybe a modern cell phone, tablet...

Unfortunatelly they look a weak people, without unity, unable to organize a revolution inside their country, maybe they were brain washed since they were childs like terrorists do with their children.

Decoded

legendary

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give me your cryptos

Why would North Korea ever do that? Their social system thrives on being controlled by a central party (Or in their case, a single person.). Bitcoin is about freedom and being able to receive and send money by yourself. It would be seen as trying to stray away from the grasp of their dictatorship.

shamzblueworld

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Quote from: avikz on April 20, 2017, 05:23:46 PM

That they definitely can do but if they do it, then bitcoin will be under fire from all the other countries. It is one such country where people are struggling to live a minimal life only because of their dictator ruler. I don't think N. Korea is the right place for bitcoin. Specially bitcoin is for financial freedom.

I agree with your point but suppose N. Korea does start to use bitcoin on the larger level in the country, how can other countries react to it? I agree with your comment that bitcoin will be under fire, but what can others actually do?
Stop using bitcoin? That won't do any good either right?
And they can't stop them using bitcoin either.
So I guess nothing will happen and eventually it might work positively for bitcoin and result in higher value of btc.

cpfreeplz

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They would never consider it because he can't control bitcoins 100% like he'd want to. Also, if bitcoins became the norm in North Korea I honestly feel like we'd never see mainstream adoption as the general public would assume it's because bitcoins are for criminals and now dictators.

RoommateAgreement

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Bazinga!

how do you know they don't?!
because if they do, that would be internal exchange as in being inside their own country only and not giving anything out. so we may never know. and besides bitcoin is more like a "people money" not government and they can gain bitcoin whenever they want without anyone ever knowing.

deadsilent

hero member

Activity: 1148

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Internet there is prohibited as far as i know. Only rich people there or powerful person can access internet. If theres bitcoin user there. Only few and they are powerful people. Ordinary people can't use internet. Thats how crazy north korea laws are.

European Central Bank

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no internet, no electricity, no computers outside pyongyang. what could go wrong? i guess they could post printed private keys to each other.

TastyChillySauce00

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Quote from: hermanhs09 on April 20, 2017, 08:32:06 PM

Quote from: Hydrogen on April 20, 2017, 08:02:51 PM

Unfortunately, under socialism, the majority of north koreans don't enjoy modern luxuries like electricity.

That could make north koreans using bitcoin or their own crypto currency, difficult.

They might be able to develop their own crypto currency, using an abacus or something but somehow I don't think that would work.

Yeah, exactly.

Hard to implement when there are so many people lacking basic access to internet.

When you have internet, you can go anywhere. But obviously Kim Jung Un doesn't want that to happen. Doubt he will ever invent something that will allow average Joes to trade across borders.

That's right, instead of using bitcoin they'll make their very own cryptocurrency, a country like north Korea really like to keep the money circulation inside their country. Though I've seen recently that NK is developing their own smartphone based on android OS but didn't really sure that it'll be distributed among their citizens so their people could access the internet (with a lot of restriction of course) or just privileged among their important officials.

Hydrogen

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Quote from: aso118 on April 20, 2017, 08:27:43 PM

Bitcoin exchange would help North Korean exchange their existing currency for Bitcoin, a currency accepted worldwide.
You don't need 24 hours electricity to store bitcoins in your wallet.

If north koreans knew how little freedom they had in comparison to the rest of the world, they probably would have rebelled and overthrew Kim Jong a long time ago.

North koreans don't own modern luxuries like cell phones or computers & if they did, they certainly aren't able to access the internet of the outside world in a way that would allow them to use bitcoin.

Its not that north koreans lack 24 hr electricity. Its more like their entire civilization exists in a pre electrical age. Only the military and elites have electricity. Everyone else is using smoke signals or whatever people used to communicate before electricity and telegraphs were invented.

Topic: Why doesn't North Korea open up a bitcoin exchange? - page 2. (Read 2825 times)