North Korea in Cryptocurrency Frenzy as it Develops Own Cryptocurrency

North Korea is reported to be in the initial stages of developing its cryptocurrency. The token will have traits likely to emulate Bitcoin and similar cryptocurrencies. 

North Korea held its first-ever blockchain and cryptocurrency conference in April. The conference brought on board homegrown experts with foreign companies who have a keen interest in blockchain and cryptocurrency. There is no doubt that North Korea has the tech and expertise to develop such a token. 

As provided on a report, Cao de Benos who works with the Committee for Cultural Relations for the Democratic People’s Republic of Korea (DPRK) said on Vice News, “The country now feels ready to dip its toes into the market with an offering of its own.”

He also added that the digital currency is yet to be named, but it will incorporate traits that are similar to Bitcoin and similar cryptocurrencies. His statement continues, “We are still in the very early stages in the creation of the token. Now we are in the phase of studying the goods that will give value to it…. There are no plans to digitize the North Korean won for now.” 

The objective of the New Cryptocurrency in North Korea

 Purportedly, this project aims to help the Democratic People’s Republic of Korea find a way around the United States dominated the global financial system. In addition, it will also help to evade international sanctions that arise from the placed financial system. 

According to Kayla Izenman, a research analyst at the Royal United Service Institute is positive about the project telling VICE News, 

“There is absolutely no doubt that they have the technical expertise to develop and utilize almost any iteration of cryptocurrency, whether that means laundering a previously-established coin such as Bitcoin through unregulated foreign exchanges or creating a nationalized cryptocurrency for themselves.” 

North Korea seems to have built a reputation in its growing interest over blockchain and cryptocurrency with both positive and negative feedback. Recently, the Department of Treasury was convinced that North Korea was the source of cyber-attacks that it issued new sanctions against the parties involved. This scenario was after a purported case that North Korea had stolen $2 billion from crypto exchanges.