North Korea about to create own cryptocurrency

Posted 19 September, 2019

Alejandro Cao de Benos, a special delegate for the Committee for Cultural Relations for the Democratic People's Republic of Korea (DPRK), stated North Korea’s national cryptocurrency is in the early stages of development. He said that Korean authorities hope to avoid international sanctions with the help of their own altcoin. 

“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,” explained the representative of the North Korean government. 

Cao de Benos added that foreign companies have already signed contracts with the North Korean authorities for the development of blockchain systems for education, healthcare and finance. However he refused to provide any details. 

Experts and analysts report that North Korea has sufficient experience in the cryptocurrency space to create and launch its own digital currency.

“There is absolutely no doubt that they have the technical expertise to develop and utilize almost any iteration of cryptocurrency, whether that means laundering a previously-established coin such as Bitcoin through foreign unregulated exchanges or creating a nationalized cryptocurrency for themselves,” said Kayla Izenman, a research analyst at London-based think tank the Royal United Services Institute. 

Previous story

19 September, 2019 13:30

← Berlin plans to fight with alternative cryptocurrencies

Germany has reportedly approved the plan for blockchain regulation which would ban any parallel currencies n the country. Notably, these measures will cover Facebook's Libra project particularly.

Berlin plans to fight with alternative cryptocurrencies

Next story

19 September, 2019 11:37

Major fraud group eliminated in Australia →

The Australian Federal Police in cooperation with the local financial regulator has reportedly taken down large criminal group that was involved in fraud and money laundering activities. The report was released by the Australian Securities and Investments Commission this week.

Major fraud group eliminated in Australia
Write a comment
 
Prove you’re not a bot + 19 = 38