So the latest threat to global security we’re supposed to believe is cybercrime from North Korea involving Bitcoin.
There is a new report from the Royal United Services Institute for Defence and Security Studies (RUSI) called Closing the Crypto Gap: Guidance for Countering North Korean Cryptocurrency Activity in Southeast Asia.
It’s important stuff apparently. Because it’s all over the news feeds. All the major MSM outlets are covering this story by doing what they always do, quote the executive summary and dress it up as journalism.
Welcome to Fearville folks. I know a catchy title is all part of the eyeballs game of the daily news feed but come on! The RUSI report is nothing but warmed over innuendo and generalizations that could be levied at anyone who owns a Trezor and a small pile of coins they overpaid for in late 2017.
In general, North Korea could seek to use cryptocurrencies as part of its proliferation financing efforts through:
• Fundraising: To sustain its ongoing needs for cash, North Korea may obtain cryptocurrencies with the aim of converting them to fiat currencies in the short term.
• Stockpiling: North Korea could accumulate reserves of cryptocurrencies with the objective of eventually spending them or converting them into fiat currency at some point in the future.
• Circumvention: North Korea could use cryptocurrencies to pay directly for goods, services and resources that are explicitly prohibited by international sanctions.
— RUSI Report on North Korea and Bitcoin.
They may *gasp* get around sanctions or convert bitcoins to dollars to *gasp* BUY FOOOD!
It’s all so ridiculous it’s beyond belief. Implicit in all of these arguments is that sanctions are a legitimate tool for political gain. They aren’t. Sanctions hit the people not the regime. They starve the people of the capital they need to effect change.