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North Korea: Bitcoin-Like Cryptocurrency to Sidestep Sanctions

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North Korea is planning on building its own cryptocurrency to get around the tough international sanctions.

Development is said on its early stages and is following a same project from Venezuela. Last year, Venezuela launched its oil-backed Petro Token last year. This is also to avoid U.S. led- sanctions.

It was reported from Vice, the official managing North Korea’s cryptocurrency conferences and a special delegate for the Nation’s Committee for Cultural Relations. Alejandro Cao de Benos also said that a token which is still unnamed as of now is expected to be more like bitcoin or other cryptocurrencies.

Compared to Petro, the new crypto can be pegged to an asset within North Korea. Alejandro said:

“Now we are in the phase of studying the goods that will give value to it,”

Reports said, the nation will hold the second blockchain and cryptocurrency conference in February 2020.

A major hacks that stole possibly $2 billion from bank and cryptocurrency exchanges has also been linked to North Korea, although it was denied.

As per Vice, North Korea embassy to U.N in New York will confirm or deny the news.