North Korea Plans to Launch Cryptocurrency to Bypass Economic Sanctions

News 2019-09-20 13:38:17 11 0 0

A North Korean official claims that a Democratic People’s Republic of Korea (DPRK) cryptocurrency is on the horizon. According to a delegate for the Committee for Cultural Relations, Alejandro Cao de Benós, the country plans to forge a token backed by a physical commodity like gold and the digital asset’s main purpose will be used to bypass U.S. and international sanctions.

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North Korea Plans to Launch Cryptocurrency to Bypass Economic Sanctions

North Korea Plans to Launch Cryptocurrency to Bypass Economic Sanctions

News 11 0 0

A North Korean official claims that a Democratic People’s Republic of Korea (DPRK) cryptocurrency is on the horizon. According to a delegate for the Committee for Cultural Relations, Alejandro Cao de Benós, the country plans to forge a token backed by a physical commodity like gold and the digital asset’s main purpose will be used to bypass U.S. and international sanctions.

Why the Birth of Bitcoin Can Be Traced Back to 1971

Why the Birth of Bitcoin Can Be Traced Back to 1971

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The world economy is a complex system that has undergone many different phases in the past century. As strange as it may sound today, there have been times when banking crises were rare, pay was rising alongside productivity, and the U.S. dollar would buy a certain amount of pure gold. Despite its obvious successes in certain areas, the global monetary system that laid the foundations for this time of stable growth eventually failed, and here’s why.

Tether Plans to Mint Digital Yuan and Commodity Coins, Says Bitfinex Shareholder

Tether Plans to Mint Digital Yuan and Commodity Coins, Says Bitfinex Shareholder

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Tether Holdings, the firm that issues tether (USDT), has plans to launch an offshore Chinese yuan stablecoin called CNHT. Tether’s digital dollar presence within the crypto economy has been massive in recent months, seeing significant demand from China. Bitfinex shareholder Zhao Dong has explained in a recent interview that Tether is also preparing to launch stablecoins backed by bulk commodities like gold, rubber, and crude oil.

Switzerland Approves Bitcoin Banks – But With Strict Conditions Attached

Switzerland Approves Bitcoin Banks – But With Strict Conditions Attached

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One of the major problems for businesses in the cryptocurrency industry is finding a bank that agrees to work with them and connect them to the traditional fiat financial system. The financial regulator in Switzerland has just made this easier by licensing two companies to serve as tailored banks for the industry and further open up the market to institutional investors, albeit under very strict AML regulations.

Venezuelan Pharmacy Chain Accepts Bitcoin Cash for Medicine and Products

Venezuelan Pharmacy Chain Accepts Bitcoin Cash for Medicine and Products

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On August 26, a pharmacy chain in Venezuela called Farmarket revealed it now accepts cryptocurrencies through the payment provider Xpay, a subsidiary of Panda Group. Arley Lozano, Panda Group’s founder, explained how Farmarket’s pharmacy franchise has 22 stores located across the country and machines will allow people to purchase goods and medicine with cryptocurrencies like BCH, DASH, DAI, and BTC.