North Korea is developing its own crypto in order to avoid international sanctions imposed by the US, a source familiar with the matter told VICE News.
The new state currency will be similar to bitcoin or other cryptos, said Alejandro Cao de Benos, the official in charge of North Korea’s cryptocurrency conferences, and a special delegate for the Committee for Cultural Relations for the Democratic People's Republic of Korea (DPRK).
However, it is still unknown either the title of the currency or its cryptographic architecture.
"We are still in the very early stages in the creation of the token. Now we are in the phase of studying the goods that will give value to it," said Cao de Benos.
Earlier this year, iHodl reported that the United Nations experts published a report in which they describe how North Korea managed to steal money by hacking several financial institutions and crypto trading platforms in order to fund its nuclear program.
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