North Korea Strategies Bitcoin-Like Cryptocurrency to Sidestep Sanctions

North Korea is working on making its own cryptocurrency to get all over the rough international sanctions.

Development is seemingly however in its early phases and follows a comparable job from Venezuela, which released its oil-backed petro token last year – also to stay away from U.S.-led sanctions.

In a Wednesday report from Vice, Alejandro Cao de Benos – the official managing North Korea’s cryptocurrency conferences and a distinctive delegate for the nation’s Committee for Cultural Relations – stated that the as-nevertheless-unnamed token is envisioned to be “more like bitcoin or other cryptocurrencies.”

Like the petro, the new crypto might be pegged to an asset inside North Korea. “Now we are in the section of studying the items that will give price to it,” Cao de Benos stated, adding that there are “no plans” to peg a cryptocurrency to the North Korean received.

As claimed, the nation will maintain its next blockchain and cryptocurrency meeting in February 2020.

North Korea has also been joined with important hacks that stole quite possibly $2 billion from financial institutions and cryptocurrency exchanges (though the regime denies it).

This sort of action suggests that Pyongyang does have the technological knowledge to acquire its personal cryptocurrency.

Vice stated the North Korean embassy to the U.N. in New York would neither affirm nor deny the information.

North Korea map image through Shutterstock