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Report: North Korea in Early Stages of Building Own Cryptocurrency

Report: North Korea in Early Stages of Building Own Cryptocurrency

The Cointelegraph ​

Cryptocoins News / The Cointelegraph ​ 19 Views

North Korea is reportedly in the early stages of developing its own Bitcoin-like cryptocurrency to avoid international sanctions.

North Korea is reportedly in the early stages of developing a cryptocurrency similar to Bitcoin& (BTC).

Pyongyang& trying to evade sanctions

According to a Vice News report& on Sept. 18, the project is designed to help the Democratic People's Republic of Korea (DPRK) evade international sanctions and& find a way around “the U.S.-dominated global financial system.”

Alejandro Cao de Benos, the official in charge of North Korea’s crypto& conferences, said its yet-to-be-named digital currency will be “more like Bitcoin or other cryptocurrencies.” Cao de Benos, who is also a special delegate for the Committee for Cultural Relations for the DPRK, added:&

“We are still in the very early stages in the creation of the token. Now we are in the phase of studying the goods that will give value to it [...] No plans to digitize the [North Korean] won for now.”&

According to Vice, the North Korean Embassy to the United Nations in New York was not willing to confirm or deny his& claim. “I am not in a position to give you an answer,” an embassy spokesperson apparently said.

North Korea accuses the United States of spreading rumors

As Cointelegraph previously& reported, the U.N. Security Council's North Korea Sanctions Committee said DPRK hackers were targeting foreign banks and crypto& exchanges to steal money for funding its weapons of mass destruction program. The committee estimated& that the DPRK has netted nearly $2 billion from such activities.

In response, Pyongyang& claimed that the U.S. and other hostile forces are spreading slanderous rumors about its intentions and activities.

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