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.