North Korea Uses Bitcoin to Fund their Military

The early decades

Trump has said China should use its economic leverage as North Korea's top trading partner to quickly end Kim's nuclear ambitions.

"The forthcoming measures to be taken by the DPRK will cause the U.S. the greatest pain and suffering it had ever gone through in its entire history".

China, the North's main ally and key energy supplier, and Russian Federation have not clearly said whether they would support the new raft of sanctions. Even since the test launches of the Hwasong-14 ICBM, whose warhead payload, accuracy and ability to re-enter the atmosphere remain unverified, North Korea has stepped up its threats to the US and its allies.

Instead of banning oil imports altogether, the sanctions authorized an annual cap of 2 million barrels of refined petroleum products to North Korea.

While experts say that the new round of sanctions has the "potential to do some damage" to the North's economy, how might Pyongyang, which has an infamously long track record of making freakish threats against the US, respond to the imminent threat to its own well-being?

It was "another illegal and evil "resolution on sanctions" piloted by the US", it said in a statement carried by the official KCNA news agency.

While the new set of sanctions is still under discussion, ... "No one will defend us if we do not have the desire to defend themselves", he said.

These are hard days for US diplomacy.

And Kim Hyun-Wook of the Korea National Diplomatic Academy, predicted: "The sanctions will only provide North Korea with an excuse for further provocations, such as an ICBM launch".

Washington told the UN Security Council on Friday to call a meeting on Monday to vote on a draft resolution establishing additional sanctions on North Korea for its missile and nuclear program.

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The cyber security firm believes that the April 26 announcement by the U.S. of increased economic sanctions against North Korea may have played a part in driving North Korean interest in cryptocurrency.

North Korea has little oil of its own, relying on imports to keep its citizens and soldiers moving. Pyongyang opened its embassy in Peru in the 1980s during the first government of former President Alan Garcia, which bought weapons from North Korea at a discount for police.

Hackers tied to North Korea are also suspected of carrying out a series of attacks on global banks that came to light a year ago.

The South Korean government praised the latest United Nations sanction resolution, calling on North Korea to stop "trying to test the will of the global community".

Both states, which each have the power to veto any resolution, have been reluctant to pursue tougher penalties on North Korea.

A United Nations report published at the weekend said Pyongyang collected at least $270 million over a six month-period this year by exporting "almost all of the commodities prohibited" by existing sanctions.

But the South's unification ministry described the statement as "the most low-key form of response from North Korea to UN Security Council resolutions".

Jens Stoltenberg, NATO's secretary-general, condemned North Korea's "reckless behaviour" on Sunday, claiming Kim Jong-un's actions present a global threat that requires a concerted worldwide response.

North Korea is more endowed with natural resources, ranging from coal to rare earths, which would complement South Korea's industrial output.

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