North Korea started developing its own cryptocurrency

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North Korea plans to launch a digital currency backed by material goods to operate freely outside the global financial system and bypassing international sanctions.

According to VICE News, The head of the DPRK Cultural Relations Committee Alejandro Cao de Benos said that Pyongyang has already started developing a digital currency that will be more like Bitcoin or other cryptocurrencies, than at CBDC.

North Korea starts developing its own cryptocurrency

By to him, the project is still at an early stage of creating a token, and now the team is considering possible material benefits that it will be provided with. Cao de Benos added that they have no plans to digitize the national won yet..

North Korean embassy declined to comment about this theme.

DPRK is showing interest in digital currencies, and recently, the country for the first time held a conference on blockchain and cryptocurrency in order to unite on one platform domestic experts with representatives of the crypto industry around the world.

Recall that earlier North Korea denied all accusations of the UN in its involvement in the hacking of crypto-exchanges and banks, calling them slander by the United States and other enemies of the state.

North Korea started developing its own cryptocurrency

text: Ivan Malichenko, photo: newsweek