North Korea News: Could Pyongyang Be Developing Its Own Cryptocurrency?

North Korea could be developing its own cryptocurrency as a means to dodge sanctions against the isolated Asian country.

Alejandro Cao de Benos, a special delegate for the Committee for Cultural Relations for the Democratic People's Republic of Korea (DPRK) told VICE news the country is developing a digital currency "more like bitcoin or other cryptocurrencies."

Cao de Benos added North Korea is still in the "early stages in the creation of the token" and there are no plans currently to digitize North Korea's currency, the won.

North Korea has previously organized cryptocurrency conferences, where the participants explored the possibilities of digital currencies and blockchain technology.

North Korea allegedly has used stolen cryptocurrencies to fund weapons of mass destruction. Experts at the United Nations in August said North Korea "used cyberspace to launch increasingly sophisticated attacks to steal funds from cryptocurrency exchanges and financial institutions to generate income."

The attacks on cryptocurrency exchanges have allowed North Korea to have funds that are "harder to trace." Some 17 countries have been hit with cyberattacks

The U.N. alleges North Korea has made at least $2 billion through the hacking activities.

North Korea has said that the allegations are "ill-hearted rumors" that are spread by the United States and other "hostile forces."

"Such a fabrication by the hostile forces is nothing but a sort of nasty game aimed at tarnishing the image of the Republic and finding justification for sanctions and pressure campaign against the DPRK," a spokesperson for the National Coordination Committee of the DPRK for Anti-Money Laundering and Countering The Financing of Terrorism said this month.

China also is developing a form of cryptocurrency authorities say will be "similar to Facebook's Libra."

Mu Changchun, the deputy director of the People's Bank of China payments department, has said the currency would protect China's "digital sovereignty and legal currency status."

The currency likely will be under Chinese government surveillance and would be available on Chinese digital platforms such as WeChat and Alipay.