North Korean Cryptocurrency Rumored to be In Initial Stages

With more people warming up to the idea of cryptocurrencies, CBDCs are beginning to take their time in the spotlight.

After China announced that it had already completed a national cryptocurrency to counter to release of Facebook’s Libra, Asian countries have begun to show serious support for the idea.

North Korea recently announced its readiness to develop and issue a digital currency. The country declared that the required technical and human resources required for the cryptocurrency’s development are already available.

Many experts have already stated that this is yet another bluff from North Korea and the announcement of the North Korean cryptocurrency is nothing but a foolish attempt to scare the United States. Of course, many countries are actually aware that an eventual North Korean cryptocurrency release is indeed highly likely for the sole purpose of evading the Western sanctions placed on the country.

The North Korean cryptocurrency scene is a delicate topic

The Asian country recently declined all accusations of its official government personnel being involved in a crypto theft worth more than $2 billion.

It’s also no secret to anyone that North Korea has a very sufficient level of competence to complete the digital currency.

According to a tweet from a special representative of the Foreign Ministry of the Democratic People’s Republic of Korea Cao de Benos, North Korean experts have been carefully studying digital assets in order to figure out how to successfully tie them to the country’s values and future development.

Yes, we even have programmers that are designing crypto wallets and other related apps right now.

— Alejandro Cao (@DPRK_CAODEBENOS) September 10, 2019

He also stated that currently, there are no plans for the North Korea national digital currency to backed by the North Korean won. According to him, North Korea’s cryptocurrency will be “more like bitcoin and other cryptocurrencies.”

It’s also heavily implied that other countries have massively aided North Korea in the technical implementation of the narrative. Cao de Benos mentioned that there are already several companies which have signed contracts with the DPRK authorities in regards to the development of blockchain systems for health care, finance and education.

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