North Korea plans on building its own crypto to avoid US sanctions


According to VICE, an official representative of North Korea for blockchain and crypto research and development – Alejandro Cao de Benos – disclosed some plans of the reclusive Asian nation to build its own cryptocurrency.
That should not come as a surprise given the Asian country’s penchant towards activities which involve secrecy and a certain degree of anonymity. However, the North Korean official added they are still in the early stages of this particular venture where they have yet to give a name to the digital token they are planning to create.
North Korea remains one of the most isolated countries in the world that is ruled by an unpredictable regime and most details of any major enterprise from this country are kept secret. For this reason, North Korea’s Embassy to the U.N. in New York didn’t confirm what Cao de Benos said.
Throughout the years, the small communist state has been accused of illicit activities like drug trading, arms sales and even human trafficking. Even their hacking skills are known to be extremely sophisticated given the recent reports which showcase that North Korea has been meddling with foreign governments.
So the appeal of cryptocurrencies and their promises of anonymity and difficulty of tracking are more than obvious, especially for a state that is looking to avoid economic and financial sanctions imposed by the United States.
Considering the fact that the country is heavily sanctioned and cannot access international markets or the traditional financial system, it is only normal to see the small but aggressive Asian state choosing to create a custom-built cryptocurrency that would serve its purposes.
Other states that were in a likewise situation tried similar methods, but positive results are yet to appear from countries like Venezuela.
Should we expect a different outcome in this particular case or will the North Korean authorities manage to find the right balance between a state-backed cryptocurrency and those who might look to acquire a digital asset offered by a controversial country at odds with the world?

Leave a Reply

Your email address will not be published. Required fields are marked *