North Korea Bans Use of Foreign Currency

Chosun Ilbo reports that North Korea is now banning payment with foreign currency in an attempt to crack down on the newly rich.

According to North Korean defectors, many senior officials and agencies involved in earning foreign currency have long held their cash assets in dollars and euros, and larger transactions are more likely to be settled in U.S. dollars than North Korean won.

A North Korean source said the regime banned foreigners as well as locals from directly using dollars or euros. In the past, it was possible to pay with foreign currencies at hotels or markets.