North Korea plans to create own cryptocurrency

30 Sep 2019

North Korean flag North Korea appears to be following in China’s footsteps in creating a national cryptocurrency.

North Korean authorities have announced their willingness to issue digital money and pointed to the availability of the required resources to do so.

According to a Coin Telegraph report, North Korea has shown great interest in creating its own cryptocurrency in recent years, and is competent enough to advance with its plans, says Alejandro Cao de Benos, a Special Delegate of the Committee for Cultural Relations with Foreign Countries for the Democratic People's Republic of Korea.

Cao de Benos went on to say that local experts are looking into various digital assets to decide which the value of the country’s future cryptocurrency should be tied to.

He added there were no plans for it to be backed by the North Korean won and that it will be “more like Bitcoin or other cryptocurrencies.”

“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, stating that there are no plans to digitize the Won as of now,” he went on to say.

Furthermore, the delegate also tweeted that North Korean authorities have permitted citizens to own cryptocurrencies and local developers “are designing crypto wallets and other related apps right now.” 

It has also been reported that North Korea has been assisted by other countries in the technical implementation of this initiative. Cao de Benos named a number of foreign firms that have signed contracts with authorities for the development of blockchain systems for education, health care and finance sectors, says Coin Telegraph.