North Korea is planning on developing its own cryptocurrency to get around the robust international sanctions from other nations.
Development of this project is allegedly in its initial stages and accompanies a similar project from Venezuela, which began its oil-backed Petro currency in 2018 – also to circumvent U.S.-led permissions.
In a report published Wednesday on Vice, Alejandro Cao de Benos – the person managing North Korea’s cryptocurrency events and a special delegate for the nation’s Committee for Cultural Relations – said that the unnamed coin is supposed to be “more like bitcoin or other cryptocurrencies.”
Similar to the Petro token, the new cryptocurrency may be pegged to an asset controlled within North Korea itself. “Now we are in the phase of studying the goods that will give value to it,” Cao de Benos said, continuing that there are “no plans” to peg a cryptocurrency to the North Korean won.
Surprisingly, the nation will have its second blockchain conference in February of 2020.
North Korea has even been associated with major hacks that stole around $2 billion from banks and cryptocurrency exchanges (although the regime denies it).
Such suspicious activity suggests that Pyongyang and the Koreans do have the technical precision to develop their own global cryptocurrency.
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