North Korea is “Developing its Own Cryptocurrency”

The North Korean government is reportedly working on developing its own cryptocurrency to avoid international sanctions and counter a financial system dominated by the United States and Western Countries.

According to a report from VICE, the North Korean government is hosting a second cryptocurrency conference in February of next year, after bringing together “experts with foreign companies” at its first blockchain and crypto conference earlier this year in April.

Alejandro Cao de Benos, a special delegate for the Committee for Cultural Relations for the country who runs the con ferences, revealed the cryptocurrency will be “like Bitcoin.” He said: “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.”

North Korea is already quite familiar with cryptocurrencies. According to a United Nations report, cryptocurrency exchange hacks have helped the regime raise $2 billion for weapons programs. Other reports suggest that North Korea has using state-sponsored mining of cryptocurrencies to bypass international sanctions.