North Korea has set plans in motion to create its own cryptocurrency that will be similar to Bitcoin or other cryptocurrencies. The crypto will help the country avoid international sanctions and evade the global US-dominated financial system.
North Korea to Introduce Own Crypto
A representative of the regime has indicated that the planned cryptocurrency will be the same as the other cryptocurrencies. Alejandro Cao de Benos, the head of the country’s crypto conferences, said that they are currently evaluating products that will offer the digital currency value. For now, the country does not intend to digitize its current currency.
In recent times, Pyongyang has demonstrated significant interest in cryptocurrency. In April, the country held its first-ever cryptocurrency and blockchain conference that brought together all home-grown crypto and blockchain experts with foreign companies.
However, observers of North Korea’s use of cryptos confirm that the country has the capability of creating and deploying a cryptocurrency with little effort. This crypto will help North Koreans evade sanctions.
North Korea has the Expertise to Build Own Crypto
Royal United Services Institute analyst Kayla Izenman told VICE News that the country has demonstrated a considerable interest in the cryptocurrency space. It has shown expertise in crypto-jacking, hacking exchanges, crypto mining, and much more. He says that this confirms that the country has the necessary expertise to create and use virtually all iterations of crypto, including creating its digital currency.
Although Bitcoin provides users with anonymity, it is nonetheless easier to track transactions across the globe. It is for this reason that North Korea is pondering the creation of its cryptocurrency that they can control individuals having access to it and how it is run. Countries such as Iran, Venezuela, and Russia are also considering similar projects.
North Korea has turned to crypto to raise money from illegal activities. Recently, hackers from the country were allegedly blamed of stealing cryptos and mining them before utilizing them to evade limits imposed by international restrictions on their financial institution. North Korea’s state-sponsored hackers use Bitcoin for ransomware cyber-attacks and have accumulated close to $2 billion in digital and fiat currency.
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