Afshin Sazegar | Bitcoin prices are falling - North Korea is developing its own cryptocurrency


Afshin Sazegar | Bitcoin prices are falling - North Korea is developing its own cryptocurrency

Afshin Sazegar | Bitcoin prices fell in Asia on Thursday. Thursday's reports indicate that North Korea is at an early stage of developing its own cryptocurrency.


Bitcoin declined 4.1% to $ 9,823.1, Ethereum lost 4.2% to $ 204.25, XRP fell 5.6% to 0.29010, while Litecoin declined 3.7% to $ 73,229.


Citing Alejandro Cao de Benos, a North Korea crypto conference chairperson, Vice News on Thursday reported that the still-unnamed digital currency is "more like Bitcoin or other cryptocurrencies."


"We are still at a very early stage in the development of the token and now we are in the process of examining the goods that will give it value [...] There are no plans to digitize the [North Korean] won", he added.


In other news, Reuters reported that Facebook (NASDAQ: FB) allegedly met with the UK Treasury, regulators and the Bank of England (BoE) before announcing in June that Libra, the digital currency, would be launched.


Reuters said the head of the BoE and other UK financial regulators warned that Libra would face a high regulatory hurdle.


Following the Minutes of the Ministers of Finance issued by Reuters, on April 23, Facebook (NASDAQ: FB) met a junior minister and representatives responsible for cryptocurrency policy at the UK Treasury. A day later, they met with the Financial Conduct Authority to talk about Libra.


Facebook (NASDAQ: FB) also met representatives of the BoE in May.


"Working with regulators, politicians, and experts are critical to the success of Libra," said a Facebook spokeswoman. "That's why Facebook (NASDAQ: FB) and other members of the Libra Association announced the plans early."

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