North Korea is reportedly developing its cryptocurrency as part of steps to evade the UN-led sanctions.

The VICE NEWS reported Wednesday that the North Korean cryptocurrency is to evade the sanctions and the U.S.-led global financial system.

The agency quoted a North Korea Committee for Cultural Relations special member as saying that the token development is at an early stage.

He added that North Korea has begun to study products which would provide value to the cryptocurrency.

The cryptocurrency would be similar to Bitcoin and other cryptocurrencies. North Korea does not intend to digitalize its currency Won.

The U.N. reported that North Korea hacked $670 million worth of foreign currencies and cryptocurrencies so far.