North Korea Has Reportedly Caught the Blockchain Fever

North Korea Has Reportedly Caught the Blockchain Fever

 

North Korea is developing its own cryptocurrency—at least according to Alejandro Cao de Benos, a Spanish aristocrat and IT consultant who serves as a sort of international liaison for the country’s totalitarian, militaristic government.

Per a report in Vice News on Wednesday, North Korea threw a “first-ever blockchain and cryptocurrency conference in April,” with Cao de Benos saying the country now feels ready to dip its toes into the market with an offering of its own. Cao de Benos, who managed both the conference and works with the Committee for Cultural Relations for the Democratic People’s Republic of Korea (DPRK), told Vice News it has not been named yet and will be “more like bitcoin or other cryptocurrencies.”

The project is in its initial stages, Cao de Benos told Vice, with North Korea’s United Nations embassy in New York (it lacks an actual U.S. embassy ) declining comment: “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, adding that there are “no plans to digitize the [North Korean] won for now.”

North Korea’s Embassy to the U.N. in New York would neither confirm nor deny Cao de Benos’s claim. “I am not in a position to give you an answer,” an embassy spokesperson said before hanging up. Cao de Benos also asserted that “big names” in fields like education, medicine, and finance have signed contracts with the […]