North Korea to Develop Own Cryptocurrency to Battle Sanctions

North Korea Cryptocurrency

According to a recent report, North Korea has started working on creating its own cryptocurrency in an attempt to emerge out of the setbacks imposed on the dictatorial state by international sanctions.

Previously, Pyongyang had shown curiosity over digital transactions and has now assembled a team of national professionals joining global companies to build its blockchain and cryptocurrency event.

The conference will be held in April in the Democratic People’s Republic of Korea (DPRK) and aims to initiate North Korea’s journey to a digital currency platform. The assigned person in charge of North Korea’s cryptocurrency event, Alejandro Cao de Benos said that the cryptocurrency the country will develop will be just like Bitcoin(BTC)trade or any other digital currency.

Cao de Benos, who is also the special delegate for the Cultural Relations Committee representing the DPRK, said that the country is still in the early stages of creating the crypto token and is currently working on understanding the goods that will designate value to it.

North Korea’s Embassy to the UN have declined to comment regarding the many questions raised about the future cryptocurrency. A common concern is that since North Korea will have complete control over how the virtual currency will work, and it will become difficult to monitor or regulate it by any other organization; unlike popular cryptocurrencies like itcoin that are accessible and transparent for law enforcement agencies to monitor in case of suspicious activity.

Crypto Is Exploited to Bypass International Sanctions

North Korea in the past has allegedly used crypto to plan attacks on the West. Its state-sponsored hackers were accused of gaining over $2 billion to cover the cost of North Korea’s weapons program and its hackers were previously caught stealing cryptocurrencies to avoid restrictions placed by international sanctions.

Federico Tenga, founder of a Bitcoin startup who also gave undergraduates lectures on cryptocurrencies, believes that North Korea has the capacity to build its own cryptocurrency. He further states that digital currency does not require much experience now and North Korea has enough resources to develop it successfully.

Cao de Benos announced that in the second blockchain and crypto conference, journalists will not be welcomed there. To attend the conference, participants will have to send in their CV, passport scan and their home address. Applicants will be carefully selected and will then have to submit $3,750.

Other than the DPRK, Russia, Iran and Venezuela are among few other countries which have shown interest in developing their own national digital currency. Citing their main aim is to tackle United States imposed sanctions.

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