North Korea is developing its own digital currency

North Korea is developing its own digital currency

North Korea plans to launch its own digital currency to evade the effects of international sanctions and circumvent the US-dominated global financial system.

“At the moment, the token is at a very early stage of development. While we are exploring products that can ensure its value, ”said Alejandro Cao de Benos, Special Delegate of the Committee on Cultural Relations of the Democratic People’s Republic of Korea.

He also added that the token rate will not be tied to the North Korean won. “This tool is more likely to be like bitcoin or other cryptocurrencies,” said Cao de Benos.

According to experts, North Korea already has the knowledge and experience to create and launch its own digital currency. An analyst at the Royal Joint Institute for Defense Research in London, Kayla Izenman, said:

“North Korea has long been interested in this area. She showed her knowledge in mining, hacking exchanges, spreading hidden miners, and so on. Therefore, doubts that North Korea has the technical skills to create and use almost any iteration of cryptocurrencies are inappropriate. ”

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Kao de Benos also added that foreign companies are ready to cooperate with the North Korean authorities and have signed contracts, according to which they will develop blockchain-based systems for the fields of education, healthcare and finance.

Recall that, according to a UN report published last month, hackers sponsored by the North Korean authorities have stolen $ 2 billion from banks and cryptocurrency exchanges in recent years.


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