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Supposing North Korea has Bitcoins... how could they sell them in a way that grants them usable currency?
by DaiPlusPlus 9y ago
Supposing North Korea has Bitcoins... how could they sell them in a way that grants them usable currency?
- jorblumesea 9y agoThe same way N. Korea does everything overseas, foreign agents and "diplomats" that act couriers. China would be the obvious conduit as bitcoin is widely accepted there.
- adventured 9y agoNorth Korea has the world's #2 and #3 economies next door, and both increasingly like Bitcoin. China has a significant appetite for Bitcoins, even more so with the capital controls now in place. That's a pretty easy black market trade.
- mc32 9y agoI'd venture to say #3 has no love lost for N Korea so highly doubt #3 would look kindly at aiding and abetting N Korea. #2 is rather frustrated with the DPRK regime and have tightened commerce with the regime.
- ryanlol 9y agoIt's trivial to exchange Bitcoins anonymously to cash almost anywhere in the world.
- discordance 9y agoNot in volumes that count
- DaiPlusPlus 9y agoBy cash do you mean physical money, like coins and notes, or liquid amounts in a bank account? The problem is physhcal money is not a good way to move large amounts around, and most bank accounts have a great deal of oversight. No-one cares about $75 being used to buy heroin on The Silk Road, but people will notice $75,000,000 being moved - and Bitcoin is not anonymous either, merely psuedonominous.
- oh_sigh 9y agoSell them on one of the Chinese exchanges for yuan and physically carry it over the border to NK.
- openasocket 9y agoHell, you don't even need to carry it over: anything you want to use the money to purchase is going to be in China anyway.