North Korea reportedly developing its own cryptocurrency
North Korea is reportedly developing its own cryptocurrency similar to Bitcoin (BTC).
On 18th Sept. Vice News reported that it is developing its own cryptocurrency in evade international sanctions and to fight against “the U.S. dominated global financial system.”
Alejandro Cao de Benos, mentioned that the cryptocurrency will be “more like Bitcoin or other cryptocurrencies.” Benos is in charge of North Korea’s crypto conferences.
Cao de Benos, who is also a special delegate for the Committee for Cultural Relations for the DPRK, added:
“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 […] No plans to digitize the [North Korean] won for now.”
A move to avoid US sanctions?
The yet to be named currency is still in the early stage. It follows the same model to like that of Venezuela with its own oil-backed petro token to avoid US sanctions.
“ Washington’s use of sanctions now is reliant on the dollar’s role in the global financial system–U.S. sanctions have significant secondary effects because non-US banks can’t risk losing access to dollar transactions by doing business with sanctioned persons. If transactions can flow easily around the world without touching the dollar, then nations like North Korea are insulated from U.S. sanctions.” Anne Fixler, a sanctions expert at the hawkish Foundation for Defense of Democracies
North Korea will host its second cryptocurrency and blockchain conference in February 2020.
However, according to Vice, North Korean Embassy to the United Nations did not confirm or deny the news.