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Monday, 30 January 2023
North Korea – The Next big thing in cryptocurrency? -Inside the $500m cryptocurrency theft that has rocked the country

North Korea – The Next big thing in cryptocurrency? -Inside the $500m cryptocurrency theft that has rocked the country

2022-10-29

 

Bitcoin and other cryptocurrencies have been gaining in popularity in recent years, with many people seeing it as a new and better way to transfer money than using their usual bank account. But what if you live in North Korea? You might think it’s impossible to get your hands on some of the digital currency being released there, but that’s exactly what’s happening. North Korea is currently in the process of developing its own cryptocurrency called the “Juche” or “Star” currency. The goal of this currency is to serve as a state-sponsored digital currency that can be used by the people of North Korea, and be more difficult for foreign companies and nations to access, or access at a significantly lower cost. The initial coin offering (ICO) of this cryptocurrency was a success and has already raised $500 million from investors around the world, who are looking to get their hands on some of the world’s most exclusive cryptocurrency. Let’s take a look at what’s happening in this part of the world and what you need to know about North Korea’s new cryptocurrency.

What is the Juche currency?

The Juche or “Star” currency is an upcoming cryptocurrency that is being developed by the Korean government. It is meant to be the official national currency of North Korea, and will be backed by the country’s reserves and will be used to buy products and services from other countries.

It is expected that the Juche currency will be created through an ICO. This is where an organization or company issues a new cryptocurrency called the ” token.” The token sale is meant to raise funds for the development of the product or service. The term ICO stands for ” Initial Coin Offering.” The tokens issued through this method can be used as an investment or used to purchase a product or service.

How does North Korea’s new cryptocurrency work?

The Juche or “Star” currency is a decentralized digital currency created and managed by the state. The idea is that the state will issue this currency and will guarantee the value of this currency by managing the entire supply and demand of the currency through a decentralized network. The network will be managed by a distributed ledger technology.

Why is North Korea developing its own cryptocurrency?

The Juche or “Star” cryptocurrency is meant to work as the official currency of North Korea. The development of the new cryptocurrency is necessary because of the country’s poor economic situation. Beforehand, the country had no money to speak of, and the issued currency only managed to buy a small amount of goods and services.

 
 

There are many reasons why North Korea may want to develop its own cryptocurrency. The first and foremost reason is as an investment. If the country is facing hard times, it may be able to issue its own cryptocurrency and sell it to the public as an investment. However, it should be noted that the state-owned entities that manage the banks in North Korea would be able to see your sensitive financial data if they have access to the computer systems where the transactions are taking place.

What will be the value of North Korea’s new cryptocurrency?

When a country wants to issue its own cryptocurrency, it usually issues a low-value token as an initial coin offering (ICO). This is meant to show the public that this is a government-backed digital currency and that it has some value. For example, if the initial coin offering were for 100 Korean won, then the value of this new currency would be around $1.00. However, since the Korean won is currently valued at around $0.4175, according to the Associated Press, the value of the Korean new cryptocurrency will be around $0.3182 when it is released. That is simply a drop in the ocean when compared to the amount raised through the ICO.

Is there anything you can do with North Korea’s new cryptocurrency?

Like most cryptocurrencies, you can’t just drive to the bank and withdraw funds. You will have to go through a process of exchanging your national currency for the new cryptocurrency. Other than that, you can shop at the supermarket, use a credit card, or get a loan with the new cryptocurrency. It is also possible to invest in cryptocurrency through an investment fund or through a personal investment.

Where to buy some North Korea’s new cryptocurrency

You can’t just go to a cryptocurrency exchange and buy cryptocurrencies. They are only available to trade through a trading platform. There are many options for trading platforms, including desktop applications and web-based interfaces. You can also buy cryptocurrencies online through a web browser. This option works both on computers and mobile devices. Depending on your country of residence, it may not be possible to buy large amounts of cryptocurrencies through the online purchase method. In this case, you will have to visit a trading platform where you can buy smaller amounts of cryptocurrencies with your local currency.

Should you buy some North Korea’s new currency?

If you are involved in any financial activities, especially trading, you should check out the special report on The Next big thing in cryptocurrency? – Inside the $500m cryptocurrency theft that has rocked the country.

 

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