North Korea Developing Cryptocurrency That Will Be ‘More Like Bitcoin’

North Korea is developing its own cryptocurrency which will be “more like Bitcoin.”

While it’s only in the early stages, North Korea’s cryptocurrency is an attempt to keep clear of sanctions and the globally powerful United States dollar, said a representative to VICE News.

One of Many

For better or worse, North Korea now joins China, Facebook, and other big entities looking to try their hand at decentralized, blockchain-based assets. However, unlike the aforementioned, North Korea’s asset will act like other cryptocurrencies like Bitcoin, at least for now, says an executive in charge of cryptocurrency conferences within the country, Alejandro Cao de Benos.

“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,” says Cao de Benos. They do not want to digitize the won, but rather create a separate asset.

However, speaking to the United Nations over phone, a representative from North Korea’s embassy said: “I am not in a position to give you an answer” when asked to confirm Cao de Benos’s statements.

North Korea Bitcoin

Will North Korea’s Cryptocurrency Be a Threat?

It’s interesting that Cao de Benos says the country is so early on in its development, considering that North Korea has been playing with cryptocurrencies for years now. In fact, it is claimed that the country is one of the world’s cryptocurrency whales, and has been using blockchain technology to avoid sanctions for some time.

That and the country has held its own blockchain conferences and is even being accused of stealing billions in cryptocurrencies. By developing their own asset, they’ll be able to control it as they see fit, which is the same reason Facebook is scared of China doing the same. Current assets like Bitcoin aren’t as anonymous as some might think, so North Korea can’t do what they’d like without repercussions.

However, not all of the country’s intentions are bad, it seems. The executive revealed that some companies are working with North Korea to develop blockchain systems for healthcare and finance, among other industries.

What do you think about North Korea’s cryptocurrency? Will the country use it as a weapon against the rest of the world? Let us know your thoughts in the comments below.

Images are courtesy of Shutterstock.

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Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.

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