January 31, 2023

North Korea creates its own cryptocurrency to circumvent sanctions

North Korea creates its own cryptocurrency to circumvent sanctions

North Korea is in the early stages of developing its own cryptocurrency, writes VICE. Official a state representative told the portal that the project’s goal was “to avoid international sanctions and circumvent the US-dominated global financial system.”

The Special Delegate of the Committee on Cultural Relations of the Democratic People's Republic of Korea, Alejandro Kao de Benos, said:

“A very early stage of creating a token is underway. Now we are at the stage of studying goods that will ensure its value. "

He also noted that the token rate will not be tied to the North Korean won.

“It will be something more like bitcoin and other cryptocurrencies”- added Cao de Benos.

Experts told VICE that North Korea already has enough experience in the cryptocurrency space to create and launch its own digital currency.

“North Korea has shown significant interest in cryptocurrencies and has shown knowledge in mining, hacking exchanges, spreading hidden miners and so on, Said Kayla Isenman, an analyst at the Royal United Institute for Defense Research in London.

There can be no doubt that theyThey have the technical skills to develop and use almost any iteration of cryptocurrencies, whether it is a means of laundering previously created coins, such as bitcoin, through foreign unregulated exchanges or creating a nationalized cryptocurrency for themselves. ”

Cao de Benos said that foreign companiesAlready signed contracts with the North Korean authorities for the development of blockchain systems for the fields of education, healthcare and finance, but refused to disclose their names.

Earlier, the UN accused North Korea of ​​stealing $ 2 billion from banks and cryptocurrency exchanges.