The year 2020 was full of news and rumors that nobody expected. Start the year with geopolitical conflicts in the Middle East and reach the fifth month amid the worst pandemic of humanity in a century. Add to this rumors of the death of North Korean ruler Kim Jong Un, who is creating growing uncertainty about the future of the country’s government-owned cryptocurrencies.
Rumors about Kim Jong Un’s death
Since 1948, the north of the Korean Peninsula has had a different system of government than the south. Half of Korea is governed by the Labor Party, a communist party led by the Kim family since 1948.
What makes it one of the few countries today that maintains a communist system in the world based on “Juche” ideology, a North Korean interpretation of classic Marxism-Leninism.
And since 2012, Kim Jong Un has been the Kim who is responsible for the goals of the Democratic People’s Republic of Korea (official name of North Korea).
A ruler who is distinguished by his important work on an international level. Especially because of the nuclear program that has positioned North Korea as one of the few nuclear powers in the world. And your government’s interest in cryptocurrencies.
At the same time, North Korea is one of the most closed countries in the world that has voluntarily isolated itself from the normal activities of the international system. With the harsh consequences this had for the quality of life of its residents.
However, the stability of the North Korean government could now be threatened. Well, there have been strong rumors in the Japanese and American media about the possible death of Kim Jong Un in recent days. Due to complications after heart surgery. Something that could affect the cryptocurrency market.
The future of North Korean cryptocurrencies
And North Korea has been characterized as a very active player in the crypto world in recent years. Use the decentralization of virtual currencies like Bitcoin to avoid the financial sanctions that the western world has imposed on the country.
This has resulted in North Korea currently holding more than $ 670 million in cryptocurrencies. Those that have generally been obtained through illegal activity and that represent an important part of the nation’s available resources.
So rumors about the possible death of Kim Jong Un led to it Commentators the crypto world to wonder what the future of cryptocurrencies will look like in the hands of the North Korean government.
Particularly in view of the possibility of financing a change of power, the North Korean rulers are selling the entire fund. What would greatly increase the offer of bitcoins on the market and thus affect the price.
As long as the rumors about Kim Jong Un’s death are not confirmed, it’s still speculation, of course. In addition, in the event that a change of power has to be carried out in the communist country. There is nothing that could force the North Korean government to sell its bitcoins to maintain stability in the country. The future of North Korean cryptocurrencies remains a mystery for now.