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North Korea Needs Its Own National Crypto, CBDC Fever Spreads in Asia

It seems that a movement to create a national cryptocurrency is gaining momentum in Asia. Following China, the North Korean authorities announced their readiness to issue digital money and even indicated the availability of all required resources — both technical and human — to implement this task.


Will the government of the most isolated country in the world go further than its Asian neighbor, or is this just another attempt to scare the United States? Among the reasons for issuing a North Korean digital coin, experts name the circumvention of Western sanctions, money laundering, speculation and even the manufacturing of weapons of mass destruction.


All for cryptocurrencies?


In recent years, North Korea has become very interested in creating its own cryptocurrency and has a sufficient level of competence to move forward with this plan, as Alejandro Cao de Benos, a special representative of the Foreign Ministry of the Democratic People's Republic of Korea, said.


According to Cao de Benos, local experts are now studying various digital assets in order to determine which of them the value of the future cryptocurrency should be tied to. He also said that there were no plans for it to be backed by the North Korean won and that it will be “more like Bitcoin or other cryptocurrencies.” Read More...

#NorthKorea #China

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