North Korea is officially building its own digital currency after the past few months the government has been hinting their interest in the crypto sector as we read previously in the altcoin news below.
Some of the most prominent central bankers stated that the physical cash-centric society is on its way out. During the central bank symposium in Wyoming in August, Mark Carney who is the governor stated that the US Dollar could potentially lose its place as the world’s reserve currency because its position could be replaced by a cryptocurrency or something like a single-fiat pegged coin. North Korea is officially building its own cryptocurrency after a representative of the government stated that the country currently has a cryptocurrency in preparation that wants to avoid ‘’crippling international sanctions and circumvent the US-dominated global financial system.’’
The representative, who is a delegate of the committee for cultural relations for the Democratic People’s Republic of Korea, stated that the token is in the early stages of the creation and that the developers in the nation are currently working to find a way to back the cryptocurrency with a physical asset. The delegate also explained that the digital asset if it gets launched will be meant to be used by banks and large organizations and not the citizens since most of them don’t even have access to electricity and internet. The report does not seem to be unfounded since North Korea is believed by the US Treasury and the world’s cybersecurity companies to have dabbled in cryptocurrency as a way to fund their weapons programs.
As reported by some of the best cryptocurrency news sites, the United Nations report claimed that North Korean hackers made more than $2 billion by stealing the capital from banks and crypto exchanges:
“[North Korea] used cyberspace to launch increasingly sophisticated attacks to steal funds from financial institutions and cryptocurrency exchanges to generate income.”
The report claimed as well that a consortium of state-sponsored North Korean hackers was the reason for the $571 million worth of crypto hacks including the $500 million theft of NEM from Japan’s CoinCheck and the $32 million loss that the crypto exchange Bithumb incurred in 2018 as we read in the latest cryptocurrency news.
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