North Korea is developing its own cryptocurrency

North Korea is in the early stages of developing its own cryptocurrency, according to a report from VICE news. A representative for the regime told VICE that the goal of the cryptocurrency is to "avoid international sanctions and circumvent the U.S.-dominated global financial system."


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“We are still in the very early stages in the creation of the token. Now we are in the phase of studying the goods that will give value to it,” said Alejandro Cao de Benos, a special delegate for the Committee for Cultural Relations for the Democratic People's Republic of Korea. Cao de Benos also added that the cryptocurrency wouldn't be a digitized North Korean won, but instead would be "more like bitcoin or other cryptocurrencies."

The North Korean government is no stranger to cryptocurrencies. Earlier this year, reports surfaced claiming that cyber attackers based in the country stole as much as $670 million in fiat and cryptocurrencies.

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi