North Korea To Launch Its Own Digital Currency

The North Korean government is creating its digital currency and aims, according to those engaged, using the Ethereum-style smart contracts to establish a “U.N .- less” judicial scheme. And to further these goals, the government hosted lectures to attract and learn from top artists in the crypto market.

It worths mentioning that unlike China and Venezuela, the Korean Friendship Association president and long-standing advocate of the North Korean government Alejandro Cao de Benós say North Korea is not attempting to digitize its current fiat currency. The first two crypto activities were arranged by both De Benós, a representative on the Committee on Cultural Relations and a leader for the nation in Europe, who collaborated extensively with public authorities.

De Benós affirmed that the “DPRK tokens” were for its banks, companies, and organizations, while the citizens will still use the regular Korean Won.

While the regime allows state-owned businesses to transact in bitcoin, ether, and tether, these cryptocurrencies are volatile and impossible to control. More specifically, Benós highlighted:

“BTC and ETH is not under our development or control… [they] can be subject to foreign speculation, [or] pump and dump.”

The Government of North Korea announced last week that it would hold a conference coordinated by de Benós, known as “Pyongyang Blockchain and the Crypto-Monetary Conference,” in its capital of February 2020. The primary purpose of the summit is to bring global crypto-experts to justice.

 

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September 19, 2019
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