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.