North Korea, exiled from the global economy, turns to bitcoin

It’s tough to maintain a healthy national economy when most banks on the planet won’t accept your business.

That’s the dilemma facing North Korean leader Kim Jong-un, as mounting economic sanctions cut his country out of the world economy. To stave off the looming financial crisis, Kim has turned to what may be the nation’s best hope: Bitcoin.

The popular cryptocurrency is attractive because of its decentralized nature. Rather than relying on banks or individual governments, bitcoin (and other cryptocurrency) is built on a distributed network of users controlling verified transactions. It’s “internet money,” essentially, uncontrollable by any single actor. Read more…

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