North Korea to Launch Cryptocurrency


Feb 7, 2106
North Korea is said to be working on its own cryptocurrency. While development is still in its early stages, a report from Vice states that the digital currency will be used to circumvent the strict international sanctions placed on the country.

The report goes on to quote Alejandro Cao de Benos, the official in charge of North Korea's cryptocurrency conferences, as saying that the as yet unnamed cryptocurrency will be "more like bitcoin or other cryptocurrencies."

The move follows a similar project in Venezuela, a country which launched its oil-backed Petro token last year - again in an attempt to avoid sanctions from the United States. "Now we are in the phase of studying the goods that will give value to it", Cao de Benos said, suggesting the North Korean digital currency may be pegged to an asset in North Korea.

North Korea held its very first blockchain and cryptocurrency conference in April 2019 and is set to host its second conference in February 2020.
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