Sources close to the North Korean government said that the country legalized cryptocurrency . Moreover, they revealed the authorities' plans for the development of this industry.
The head of the Korea Friendship Association (KFA), which organizes a cryptocurrency conference in North Korea, spoke about the government’s decision. In this regard, the authorities not only maintain constant contact with KFA, but also share fresh details about the status of cryptocurrencies in the country.
KFA head Alejandro Kao said all North Koreans were allowed to own cryptocurrency. He also said that the association is now actively working on the creation of cryptocurrency wallets and other applications that are designed to form an infrastructure for North Korean investors.
Wow !!
Can now North-Korean people hold accounts in cryptocurrency?– CaptAchab. Nulla prius Tabarnia (@CaptAchab) September 9, 2019
The conference in question was initiated by the Government of North Korea. It will be held in 2020 and will be the second in a row, but this time we are promised an unprecedented scale. However, the latter can be greatly hindered by the cost of the ticket – almost 250 thousand rubles in terms of. This one factor eliminates common cryptocurrency proponents.
Legalization of cryptocurrencies, coupled with plans for a thematic conference, may indicate that the North Korean government is ready to make a big bet on digital currencies. The country's economy has long been at the bottom, mainly due to sanctions by the United States and Europe.
Cooperation with China does not add any particular prospects, and the state needs to consider other tools for resuscitation of its financial system. We will follow what turn the legalization of cryptocurrencies will take in the most closed country in the world.
Publication date 09/12/2019
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