How Far Has North Korea Come With Cryptocurrency?

In April, Koryo Tours, a travel agency specializing in North Korea tours, said on its website that North Korea had introduced a new cryptocurrency and dubbed “Koryo Coin.” The company said that the value of a coin is 8,888 North Korean won (1 U.S. dollar is approximately 890 North Korean won), and that tourists would be able to purchase goods in North Korea with the coin such as beer and ginseng.

Then, the agency reminded readers “to check the date of the press release.” It was April 1, or April Fool’s Day. The ‘announcement’ was a joke made by the company.

A cryptocurrency in North Korea, however, is more than a subject of a joke. According to a report by Korea Development Bank (KDB) Research Institute, North Korea is eagerly trying to develop cryptocurrencies, and transactions of such currencies are already taking place, although the usage is minimal.

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Kim Min-gwan, a senior researcher…