Digital currencies are a trend that has made many people millionaires overnight! And it’s not just ordinary people, governments around the world seem to be interested in this new form of money. According to a report from Vice, North Korea is planning to create its own Cryptocurrency. The as-yet-unnamed digital currency will be “more like bitcoin,” according to Alejandro Cao de Benos, who is in charge of North Korea’s cryptocurrency conferences. The first such conference was held in April of this year.
This idea did not appear out of nowhere, as the country has been preparing for this for some time.
Cao de Benos suggests that North Korea has signed contracts with some “big names” in the fields of education, medicine and finance during the conference. However, the names could not be revealed “due to sanctions and fake news.” It is believed that these big names include China and Russia.
The reason the country seems so interested in cryptocurrency is the fact that it provides “high anonymity, difficulty in tracing funds, and easy cash flow,” according to a previous report by The Diplomat.
In the past, North Korea has been linked to cryptocurrency-related cyberattacks and other espionage and hacking operations . It has also been accused of engaging in illegal activities such as drug trafficking, human trafficking, and arms sales.
In reality, governments and law enforcement officers are able to monitor bitcoin transactions. However, it gives North Korea a great deal of control over how its own cryptocurrency operates.
This is one of the reasons why other nations, such as Russia, Iran, and Venezuela, have worked on their own digital currencies. However, for Venezuela, this affair did not have a happy ending, as it was banned by the Trump administration, as its cryptocurrency was considered by experts to be propaganda and not a real attempt to create a new monetary system.
