North Korea is apparently building its own cryptocurrency. The cryptocurrency of North Korea will be a way to dodge sanctions against the isolated Asian country.

The project is in its rudimentary stage and will use Ethereum-style smart contracts for setting up a U.N-less court system. To fulfill these targets, the regime is thus hosting conferences so as to attract top talent in the crypto industry and learn from them. Here, the participants explore the possibilities of digital currencies and blockchain technology.

The digital currency does not have a name yet and will be more like bitcoin or other cryptocurrencies. The makers are in the phase of studying the goods that will give value to it. According to Alejandro Cao de Benós, President of the Korean Friendship Association, the makers are looking forward to developing a token-based on something with physical value like gold in the international market. North Korea is not seeking to digitize its existing fiat currency like Venezuela and China. These countries have also developed their own crypto but by digitizing their fiat currency.

Last month, North Korea allegedly had used stolen cryptocurrencies to fund weapons of mass destruction. A panel monitoring U.N. sanctions said the country earned as much as $2 billion dollars through large-scale cyberattacks and cryptocurrency heists, as per the source.