In a surprising turn of events, North Korean leader Kim Jong-Un organized a lavish event where he distributed millions of dollars’ worth of North Korean cryptocurrency to attendees, signaling an unusual approach to engage with his people.
The extravagant gathering unfolded at Pyongyang’s renowned Ryugyong Hotel, featuring an elaborate cake, dazzling fireworks, captivating music, spirited dancing, and speeches from Kim and other eminent officials. Attendees were a diverse group, selected through a lottery system, comprising workers, farmers, soldiers, students, and scientists.
The event’s highlight emerged when Kim publicly declared his intention to gift fortunate participants 100 million North Korean won, equivalent to approximately $10 million, in the form of KimCoin, the official digital currency of the Democratic People’s Republic of Korea (DPRK). Launched in 2021, KimCoin operates on the Ethereum blockchain and was conceived as a strategic tool to maneuver through international sanctions while securing funding for North Korea’s nuclear and missile initiatives.
Functioning as a medium of exchange within the DPRK, KimCoin facilitates the acquisition of goods and services, in addition to enabling conversion into other cryptocurrencies or fiat currencies via the dark web. However, the DPRK maintains strict control over KimCoin’s use, imposing severe consequences for unauthorized transactions.
Eyewitnesses recount that Kim personally handed KimCoin wallets to recipients, evoking expressions of exhilaration and gratitude. Some attendees disclosed plans to allocate the cryptocurrency towards essential needs like sustenance, clothing, and healthcare, while others aspired to direct their funds to the state or invest further in KimCoin.
Kim, in his address, portrayed this gesture as an emblem of his affinity and benevolence towards his people, envisioning KimCoin as a catalyst for economic growth and enhanced national security. He urged his compatriots to embrace KimCoin, utilizing it judiciously.
The event garnered extensive coverage from state media, lauding Kim’s magnanimity and astuteness. These outlets extolled KimCoin, positioning it as superior to established cryptocurrencies like Bitcoin or Ethereum, and emphasized its rising global prominence and value.
Nevertheless, a cohort of experts remains skeptical, characterizing KimCoin as a mere sham and propaganda instrument, lacking intrinsic value or genuine utility. They assert that Kim’s largesse endeavors to divert attention from the grim realities of impoverishment, oppression, hunger, and isolation that persist under his rule.