Share this article
North Korea Plans Bitcoin-Like Cryptocurrency to Sidestep Sanctions
The regime linked with major hacks of crypto exchanges is reportedly building its own token to get around the tough international sanctions.
Updated Sep 13, 2021, 11:28 a.m. Published Sep 19, 2019, 9:30 a.m.
North Korea is working on building its own cryptocurrency to get around the tough international sanctions.
Development is apparently still in its early stages and follows a similar project from Venezuela, which launched its oil-backed petro token last year – also to avoid U.S.-led sanctions.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In a Wednesday report from Vice, Alejandro Cao de Benos – the official managing North Korea’s cryptocurrency conferences and a special delegate for the nation's Committee for Cultural Relations – said that the as-yet-unnamed token is expected to be “more like bitcoin or other cryptocurrencies.”
Like the petro, the new crypto may be pegged to an asset within North Korea. "Now we are in the phase of studying the goods that will give value to it,” Cao de Benos said, adding that there are "no plans" to peg a cryptocurrency to the North Korean won.
As reported, the nation will hold its second blockchain and cryptocurrency conference in February 2020.
North Korea has also been linked with major hacks that stole possibly $2 billion from banks and cryptocurrency exchanges (although the regime denies it).
Such activity suggests that Pyongyang does have the technological expertise to develop its own cryptocurrency.
Vice said the North Korean embassy to the U.N. in New York would neither confirm nor deny the news.
North Korea map image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts
Spot trading volumes are cooling, and investor enthusiasm is fading amid a lack of structural growth drivers, analysts wrote in a new report.
What to know:
- Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity.
- Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said.
- Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds.
Top Stories
