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North Korea Is Developing Its Own Cryptocurrency, According to Report

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North Korea is in the early stages of developing a cryptocurrency with will be similar to Bitcoin (BTC), according to information from Vice News.

A report published on September 18 indicates that this project apparently seeks to help the government of the Democratic People’s Republic of Korea (DPRK) to find a way to avoid the global financial system dominated by the United States and, mainly, to evade international sanctions that have been imposed to this nation

For Alejandro Cao de Benos, official in charge of North Korea’s cryptocurrencies conferences, this digital currency will be more similar to Bitcoin or other cryptocurrencies, and its name is yet to be determined.

Cao de Benos also indicated that they’re still in the early stages of creating the token, specifically in the phase of studying the assets that will give value to the cryptocurrency. Also he added that, so far, there are no plans to digitize the won.

According to the Vice report, the North Korean Embassy to the United Nations in New York was not in a position to confirm or deny the information.

Pyongyang: United States is Spreading Rumors

A few days ago, the U.N. Security Council’s North Korean Sanctions Committee said that DPRK hackers had foreign banks and cryptocurrency exchanges as targets to steal money, in order to finance its weapons of mass destruction program. According to the committee, North Korea has obtained $ 2 billion as a result of such activities.

In response to this, Pyongyang said the United States and other hostile forces adverse to North Korea are spreading slanderous rumors about their activities and intentions.

Source Link: https://cointelegraph.com/news/report-north-korea-in-early-stages-of-building-own-cryptocurrency

About the author

Jhon Fernando Maldonado

Jhon Fernando Maldonado

Internet marketing and cripto currency journalist / writer. He has a degree in Linguistics from Universidad de Los Andes, in Venezuela. Passionate about digital marketing, with knowledge in topics related to technology and web positioning.

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