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North Korea’s latest weapon: Cryptocurrency

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

After China, now North Korea is planning to work on building its cryptocurrency to avoid strict international sanctions and operate freely. The development of the currency is said to be in the early stages, and it is following the path of oil-backed petro token which was launched by Venezuela to avoid U.S. led sanctions.

The official responsible for the management of North Korea’s cryptocurrency conference and special delegate for the nation’s Committee for Cultural Relations informed that an unnamed token is under development and it will be similar to Bitcoin. The new crypto is likely to be secured with some asset in North Korea.

North Korea is set to hold its second crypto blockchain conference in February 2020 while they are facing the accusations of being linked to a theft of $2 billion from banks and cryptocurrency exchanges. These news report coming from N. Korea suggest that Pyongyang have the technological expertise to develop its cryptocurrency and challenge the U.S. sanctions.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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