North Korea eyes Bitcoin to keep money flowing: balance of power

North Korea eyes Bitcoin to keep money flowing: balance of power

North Korea eyes Bitcoin to keep money flowing: balance of power

USA allies in Asia such as Japan and South Korea commended the move of the United Nations Security Council on Monday to unanimously approve a resolution that would impose new sanctions on North Korea in an effort to end the country's ballistic missile and nuclear weapon development efforts, Reuters reported Monday. Nuclear weapons in South Korea or even Japanese hands may be next.

That would amount to a 10 percent cut in oil products, according to the US Energy Information Administration, which estimates annual exports to North Korea at almost 2.2 million barrels. The key provision most likely to squeeze North Korea financially is the ban on exports of textiles and garments.

"The North Korean regime has not yet passed the point of no return", said Nikki Haley, U.S. ambassador to the UN.

Han added that the DPRK is "ready to use a form of ultimate means" adding 'the forthcoming measures by DPRK will make the US suffer the greatest pain it ever experienced in its history'.

Instead, annual crude oil supplies are capped at current levels - China is believed to supply around four million barrels a year through a pipeline, while deliveries of refined oil products such as gasoline and diesel are limited to two million barrels a year.

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The textile ban is significant.

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. Textiles are North Korea's second-largest exports worth more than 700 million dollar a year.

A USA official, familiar with the council negotiations and speaking on condition of anonymity, said North Korea imports some 4.5 million barrels of refined petroleum products annually and four million barrels of crude oil.

It also said that USA would have to pay a heavy price if the sanctions proposed by the U.S. are imposed.

North Korea's top envoy to a leading United Nations disarmament body said Tuesday his country "categorically" rejects the new sanctions.

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In its first reaction to the sanctions, North Korea rejected the resolution and said the USA would soon face the "greatest pain" it had ever experienced. "We must do that by cutting off the fuel and the funding that supports it". "Make no mistake about it, our firmness today is our best antidote to the risk of war, to the risk of confrontation, and our firmness today is our best tool for a political solution tomorrow", he said.

A tougher initial United States draft was weakened to win the support of China, Pyongyang's main ally and trading partner, and Russian Federation, both of which hold veto power in the council. While the draft proposed by the USA included Kim as of five targets alongside younger sister and Propaganda and Agitation Department vice director Kim Yo-jong and Minister of People's Armed Forces Pak Yong-sik, the final resolution listed only Pak.

President Trump has grown vocally frustrated with China's failure or refusal to rein in Pyongyang and has repeatedly stated that "all options" are on the table when it comes to dealing with North Korea's nuclear program.

The test sent powerful tremors across the region, suggesting the device used was the most powerful the nation has ever tested.

Pyongyang has staged a series of missile tests in recent months that appeared to bring much of the United States mainland into range. Experts are not so sure, but as long as Pyongyang claims to have the technology, the working assumption is that it's true.

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