North Korea in Blockchain Fever

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North Korea is in Blockchain fever…

And is developing its own cryptocurrency.

North Korean tanks during 2018 parade celebrating the 70th anniversary of North Korea
North Korean tanks at a 2018 parade celebrating the 70th anniversary of the country’s founding. Photo: Ng Han Guan (AP)

North Korea threw a first-ever blockchain and cryptocurrency conference in April. The project is in its initial stages but North Korea’s new cryptocurrency will be more like bitcoin or other cryptocurrencies.

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.

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 North Korean government during the April conference, but that none of them have been announced “due to sanctions and fake news.” If Cao de Benos is not spreading his own fake news, possible partners include firms in Russia and China.

As Vice noted, in 2017 the North Korean government launched a crash course in crypto at Pyongyang University of Science and Technology, worrying some experts who have noted its alleged involvement in cyberattacks on crypto exchanges to pad its coffers.

In any case, a few points of advice for North Korea if it does delve into crypto: Definitely sink your entire life savings into it, remember that it only ever goes up in value, and if all else fails, repeat the phrase “This is good for [the North Korean] bitcoin” over and over and over. Source 1, Source 2

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