Posted 3 years ago | by Bethany Armstrong

North Korea has plans to create its own cryptocurrency.

The North Korean government has been steadily working towards launching its own cryptocurrency. The not-yet-named cryptocurrency would provide a way for North Korea to potential bypass sanctions while increasing revenue. North Korea has indicated that their cryptocurrency would work similarly to bitcoin.

While decentralization is a popular argument for cryptocurrency, there are concerns that a government ran cryptocurrency would limit total control for individuals wanting to invest in cryptocurrency.

According to U.N. data, North Korea has used state-sponsored hackers to amass digital currency and bitcoin allegedly more than 2 billion dollars.

North Korea hosted a cryptocurrency conference in April 2019. Plans are already underway for another cryptocurrency conference to take place in North Korea in February 2020. While journalists will not be allowed to attend, US citizens are welcomed to apply for attendance approval.

The North Korean regime seems very interested not only in cryptocurrency, but also into blockchain technology.

Vice reports that Pyongyang University of Science and Technology students had the option to take a " a crash course" in cryptocurrencies and blockchain."

This growing interest from North Korea may also be because South Korea is beginning to embrace cryptocurrency. The competition may be a driving force in who will be "first" to launch their own state-ran cryptocurrency.

About Bethany Armstrong

b2c67718c469e0461579dcf973d733f3?s=90&d=blank&r=g All Arrows Point to North Korea Launching Their Own CryptocurrencyBethany Armstrong is a blogger from Atlanta, Georgia. She holds a Bachelors Degree in Mass Communication from Toccoa Falls College in Toccoa, Georgia.

Bethany is a mother of three and believes in the importance of reading. She has read over 3,000 books to her children and has worked with many publishing companies to create book reviews.

She is very interested in the community aspect of the cryptocurrency world.

You can follow her on Twitter at @momwildthings or visit her blog,