by John Smith 
North Korea is developing its own cryptocurrency similar to Bitcoin.
To face economic sanctions, an alternative currency like Bitcoin cryptocurrency can be useful as we have seen in various news articles recently.
In order to circumvent US sanctions, Cuba and its people use Bitcoin.
Bitcoin trading volume is very important in Venezuela.
North Korea is another country facing economic sanctions from the United States and to cope with them, the country is currently developing its own cryptocurrency similar to Bitcoin.
An article by Vice reports statements by a North Korea official in charge of developing the cryptocurrency for North Korea.
He stated this:
The North Korean cryptocurrency does not have a name yet “will look more like Bitcoin or some other encrypted currency,” said Alejandro Cao de Benos, Cryptocurrency Conferencing Officer in North Korea, and Special Delegate of the Cultural Committee for the Democratic People’s Republic of Korea (DPRK).
“We are still at the very beginning of the creation of the token.
We are now in the phase of studying the products that will give value” says Cao de Benos, adding that there was “no digitization project of the North Korean Won for the moment.”
Cao de Benos also states that some foreign companies have signed contracts with the North Korean government to develop blockchain systems in areas such as education, medicine and finance.
He can not, of course, name anything under penalty of reprisals or additional sanctions.
Cao de Benos announced the second blockchain conference scheduled for February 2020, which will exclude journalists even though US citizens are welcome …
North Korea has the technical capabilities to develop its own cryptocurrency or a private blockchain, nothing technically difficult based on existing technology.
Having your own cryptocurrency implies that it is then usable and exchangeable with other people, governments, etc…
Bitcoin is accepted and used around the world, Cubans use it because Bitcoin can then be used to buy goods or products on the internet or locally.
Having a Kim Coin does not mean that it will help Pyongyang to trade with other countries as it is possible with Bitcoin for example.
But North Korea still knows how get attention and chose cryptocurrency and Bitcoin to attract the medias attention.
No doubt that Kim Jong-Un would like to have a crypto token named after his name, the Kim Coin!
