North Korea is developing its own cryptocurrency to circumvent international sanctions

It is reported that North Korea is currently in the early stages of developing its own cryptocurrency to avoid serious international sanctions and to circumvent the US-led global financial system.

According to VICE News, Alejandro Cao de Benos, the head of the North Korean cryptocurrency conference and special representative of the Korean Culture Commission, said the digital currency has no name and will be "more like bitcoin or other cryptocurrency." And he said that the goal of developing cryptocurrencies is to "avoid international sanctions and circumvent the US-led global financial system."

In addition, there is currently no plan to digitize the Korean won in the country. However, the DPRK representative to the United Nations has neither confirmed nor denied Cao de Benos’s remarks. The spokesman said:

"I can't give you the answer."

“North Korea has shown a broad interest in cryptocurrencies, with expertise in encryption mining, attack exchanges, encryption hijacking, etc.,” said analyst Kayla Izenman.

“There is no doubt that they have the technical expertise to develop and utilize almost all cryptocurrencies, whether it means money laundering through foreign unregulated exchanges or creating nationalized cryptocurrencies for themselves.”

According to a United Nations report released last month by the United Nations, North Korean-backed hackers have accumulated more than $2 billion in legal and digital currencies in recent years to help develop the country’s weapons program. However, this argument was denied by the North Korean side.

It is currently unclear whether North Korea will issue the official legal digital currency of the country, like Venezuela and other countries.

Countries that issue legal digital currencies

After Venezuela became the world's first national legal digital currency, another country, the Republic of the Marshall Islands (RMI), announced that it will soon launch the blockchain legal digital currency, and Marshall may not be the last country to issue legal digital currency. The country has been secretly considered.

Since its inception, the Republic of the Marshall Islands has been using the US dollar and has no sovereign currency. On February 26, 2018, the Republic of the Marshall Islands passed the Sovereign Currency Act, announcing that it will introduce a new national digital currency SOV (full name Sovereign) based on blockchain technology.

In early September this year, the Minister of the Republic of the Marshall Islands, David Paul, said that the country's digital currency SOV would take about 18-24 months, and it might be officially launched in a shorter period of time. Anyone in the world can register on the booking website. Registration.

The Marshall Islands economy is very backward. It has long relied mainly on foreign aid. Its fiscal revenue mainly depends on loans and assistance from countries and international organizations such as the United States and Japan.

However, the issue of legal digital currency may not be the road to salvation in the Marshall Islands. In 2018, Venezuela charged and became the first country to issue a legal digital currency, Petropolis, and hopes that cryptocurrency will improve the country's hyperinflation and economic recession. But the country’s economy does not seem to have improved because of the oil coins. And the use of oil coins in the country has not been popularized, but Bitcoin has repeatedly hit a new high in Venezuela.

According to statistics from the Tradingeconomics website, inflation rates in Venezuela in March, April and May this year were as high as 329,568%, 329,568% and 815,194% respectively.

Source: Shallot blockchain