Posted 2 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.