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North Korea has amassed upwards of $670 million worth of bitcoin and other currencies, according to a panel of experts reporting to the UN Security Council.

North Korea has amassed upwards of $670 million worth of bitcoin and other currencies, according to a panel of experts reporting to the UN Security Council. 

Their report, set to be published this week, revealed how North Korea is stockpiling cryptocurrency in order to circumvent strict economic sanctions.

The panel said cryptocurrencies "provide the Democratic People's Republic of Korea with more ways to evade sanctions, given that they are harder to trace, can be laundered many times and are independent from government regulation."

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Cyber attacks on cryptocurrency exchanges and financial institutions have helped North Korea boost its illicit funds, while blockchain technology has helped conceal its actions from foreign governments.

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Continue on independent.co.uk
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