Altcoin News: North Korea Is Developing Its Own Bitcoin

September 19, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

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

“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,” 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.

The cryptocurrency will be “more 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 cryptocurrency. An analyst at the Royal Joint Institute for Defense Research in London, Kayla Izenman, said:

“North Korea has shown extensive interest in cryptocurrency, showing expertise in mining, hacking exchanges, cryptojacking, and more. There is absolutely no doubt that they have the technical expertise to develop and utilize almost any iteration of cryptocurrency, whether that means laundering a previously-established coin such as Bitcoin through foreign unregulated exchanges or creating a nationalized cryptocurrency for themselves.”

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.

Author: Marko Vidrih