North Korea’s crypto plans are stacked to compete with Bitcoin and they’re planning on fighting fire with fire.
The East Asian country North Korea is gearing up to launch its very own cryptocurrency. This digital currency of North Korea is being developed to bypass the economic sanctions that are imposed by the United States.
Previous reports are suggesting that North Korea has been exhibiting enthusiasm for the crypto industry lately. Moreover, this East Asian state has been demonstrating expertise in hacking exchanges, mining, and crypto-jacking. There is no denying the fact that North Korea does possess the technological expertise for building and employing any iteration of virtual currency.
In April 2019, North Korea’s first blockchain conference was held.
Korea’s crypto ideology
According to the special delegate for the Committee for Cultural Relations Alejandro Cao de Benos, the cryptocurrency being developed is expected to be more like Bitcoin or other digital currencies. He furthermore stated that the process of building the national cryptocurrency is still in its initial stages and the goods that could bring value to it are being studied.
Certainly, projects like Facebook’s Libra are out of the question because the US still has Korea under sanctions and given the situation that the Libra project has been under for more than a year, it wouldn’t be a wise decision to follow their example unless the Financial Action Task Force (FATF) and the other security bodies agree to it.
Previously, hackers from North Korea have been accused multiple times of stealing cryptocurrencies from other countries and then mining them for circumventing the international sanctions that have been imposed on them.