North Korea according to reports is developing its own Cryptocurrency. After the news came out of North Korea the prices of Bitcoin fell. The drop in prices among the Crypto followers and investors according to analyst is due to the lack of demand that existed in the market for the existing Cryptocurrency. The reason which has led to North Korea developing its own Cryptocurrency according to analyst is the sanction that has been put in place in order to isolate the countries. Other countries that have started to develop their own pet Cryptocurrency include Russia, Venezuela, and Iran.
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The common thread that links all these countries is that all of the nations have been put under strict harsh regulation. These sanctions that are put in place by major economic power often include terms and conditions that forbid other countries to not to trade with the countries that have been labeled with these trade rules. This is a sigh that the policymakers sitting in Washington should understand as to why North Korea have started to develop a alternate currency which is under no regulation from the government or any court.
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Alejandro Cao de Benos who is a North Korean by birth and is a former Citizen now currently is in exile. The activist is currently residing in Spain a European Nation which has a democratic government. As told by him the Cryptocurrency North Korea is planning to introduce will be the nations digital currency and will be more like the Bitcoin. He said that the regime is still in the early stages of the creation of the digital currency. The name of the Cryptocurrency is still on the lookout as no such official name has been reported by the government officials.
Source: Business Insider
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