North Korea to issue domestic cryptocurrency to sidestep economic sanctions

North Korea tensions margin requirements

The Trump Administration’s policy decisions are taking a toll on a number of countries: from China to Argentina, governments are thinking of new, “innovative” ways to fight the economic sanctions imposed by President Trump and his office.

North Korea is one of those countries. The latest news is that the country is currently working towards issuing its own cryptocurrency with the goal of sidestepping the ensuing economic sanctions. The plan is reminiscent of the one undertaken by Venezuela, with the oil-backed state cryptocurrency the petro that was supposed to stabilize the sinking economy of Venezuela and avoid at least to some degree the economic sanctions.

According to press, Alejandro Cao de Benos, who is the official managing the country’s cryptocurrency events and conferences and a special delegate for North Korea’s Committee for Cultural Relations, stated that the upcoming crypto is likely to resemble bitcoin, although  the token does not have a name yet and more details are to be expected in due course.

The token will be pegged to some asset within the country. However, Mr. Cao de Benos said that there are no plans for now to peg the token to the North Korean won, the official currency of North Korea. Other assets that bring may value to the cryptocurrency are being analyzed at the moment.

The news about the issuing of the crypto are not yet confirmed. However, one thing is sure: North Korea has definitely attracted the attention of the US, especially after the harming UN report that the country has been implicated in cyber crimes amounting to billions of dollars and damages. The US President has taken a note of that, as well.


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