The North Korean government has set out to create its own cryptocurrency. As reported by Vice News, a government representative has recently affirmed that this new crypto would be used to avoid international sanctions and to help in the circumvention of the global financial system, which is currently controlled by the United States, one of the main adversaries of the country.
According to the media outlet, the government has shown interest in cryptos for a long time and has recently decided to bring together several experts to create the asset.
The currency does not have a name yet, but Alejandro Cao de Benos, the official person in the charge of cryptos, has affirmed that it will “like Bitcoin”.
Cao de Benos has affirmed that the process of creating the token is still very early in its development. The team is still studying how to do it. No plans of digitizing the national fiat currency were made, however, so this will be a cryptocurrency, not a digital fiat one.
Vice News reported that North Korea is said to have the necessary expertise to create its own token. In fact, the country is well-known for its talent with the digital world, but not for the most positive actions. Several hackers based in the country have already hacked exchanges, installed cryptojacking malware and more.
What remains to be seen, however, is whether the new token will receive sanctions or not. Venezuela’s President Nicolas Maduro has created a similar attempt with the national crypto called Petro, but the token has failed to achieve any success, partly because of how the international market ignored it, partly because of the asset lacked transparency. Will North Korea’s new crypto be any different?