A North Korean Cryptocurrency is Coming, According to Foreign Ministry Official...

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North Korea is in the early stages of developing its own cryptocurrency, says Alejandro Cao de Benos, the foreign ministry official also in charge of the North Korean cryptocurrency conference.

Pyongyang has always shown interest in cryptocurrencies, and the country recently brought together local experts with foreign companies at its first blockchain and cryptocurrency conference held in April.

The only additional details Alejandro was able to provide was that they "are still in the early stages of the creation of the token. We are now in the phase of studying the assets that will give it value, but it will be like bitcoin or other cryptocurrencies."

Russia, along with Iran and have expressed interest in creating national cryptocurrencies in the past, which their leaders paint as tools to counter US financial power - and Venezuela already has.

With this comes what will be their largest challenge - getting other countries to use it. Countries that are on friendly terms with the US and other western nations would likely join in banning the use of cryptocurrencies created with the intent of bypassing their influence.

It wouldn't be the first time - last year US President Donald Trump banned Venezuela's cryptocurrency, the Petro Dollar. He also warned other nations that accepting it would be viewed as doing business with Venezuela, no differently than if they accepted regular fiat currency.

Countries considered 'hostile' and under sanctions already often do business with each other - changing the currency used to a cryptocurrency wouldn't bring in any new business.

A country is either willing to get on the 'bad side' of the US and other western nations, or they aren't.  Whether crypto is or isnt used will not be a deciding factor for something with massive economic implications.

Author: Adam Lee 
Asia News Desk

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