According to a Daily NK source in China recently, a growing number of North Korean trade officials in China have begun investing in Bitcoin (BTC).
These officials are investing anywhere from 5,000 Chinese yuan to hundreds of thousands of yuan in the cryptocurrency. Some who broker over $3 million in annual trade deals now own more than $80,000 in Bitcoin, the source reported.
When North Korean officials move hundreds of thousands of dollars to export minerals or import electronics and machinery from China, a substantial portion of these funds can end up in their personal accounts.
China banned Bitcoin mining in 2021, viewing cryptocurrency as a potential threat to financial stability. The country restricts cryptocurrency activities, making them illegal.
Despite Chinese internet networks blocking cryptocurrency sites, many Chinese citizens invest using VPNs. North Korean trade officials have adopted this approach, using VPN-equipped mobile phones to invest in Bitcoin.
Some North Korean officials reportedly ask Chinese traders to procure phones with VPNs and connect them with intermediaries who can facilitate Bitcoin purchases. These intermediaries establish initial cryptocurrency accounts, which the officials then personally manage.
North Korean trade officials are increasingly turning to Bitcoin because cryptocurrency allows them to shield their personal assets from surveillance and inspection by North Korean authorities.
Keeping assets in cash or Chinese bank accounts puts officials at risk of detection through North Korea’s surveillance networks. If discovered, their assets would likely be confiscated.
However, cryptocurrency assets like Bitcoin are much harder for authorities to track, even if officials are suddenly recalled or targeted for asset seizure.
“Trade officials with Bitcoin accounts say they’ve put their money in the ‘safest place,’” the source noted. “North Koreans buy Bitcoin primarily to protect their assets rather than to grow them.
March 31, 2025 at 08:15AM
by DailyNK(North Korean Media)