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r/todayilearned
r/todayilearned
1.8k
Posted by2 years ago
Helpful

TIL that tourists to North Korea are not allowed to use the local currency (the North Korean won), and instead must use a special debit card tied to foreign currencies.

305 comments
97% Upvoted
|
level 1

The official exchange rate (which when I went was around 100 won to the dollar) is also bullshit. When I bought an ice cream in a park (with USD) I got tens of thousands of won in change, the only time I handled local currency. My guide told me the vendor had made a mistake and I was “very lucky” and should keep the money.

275
level 2

Did you take it out of the country? I think that's a big no-no... Seriously, your tour guide could have gotten in trouble for you getting money, let alone telling you to keep it!

150
level 2

Would it have been possible to return the money after you found out the mistake? Assuming the ice cream vendor is very low income (it's North Korea), I would worry that the mistake would have a tremendous negative impact on the vendor and their family.

2
level 2

They killed a guy who vandalized a poster. I would not have kept the money

2
level 1

This is probably because North Korea is desperate to get foreign currency, because their currency is useless to buy stuff outside North Korea that they need. I've heard that's a big part of why they hack entities in other countries, to get foreign money. They used to sell meth to other countries in the 1990s for this same reason.

542
level 2

Yeah ... used to

272
level 2

My family and I visited China back in the mid-80s. At that time China had two currencies - the renminbi (which is what they still use) and another parallel currency that foreigners could only use. Technically, the renminbi and the parallel currency had an exchange rate of 1:1.

In reality, the exchange rate of renminbi to dollar was a lot different. My parents were able to find a black market cash exchanger and the rate was a lot different than the official rate (like 5:1 vs 2:1). They ended up buying a nice silk rug they still have.

We also travelled around the country (ancestral home and some smaller cities) a bit and my mom would give a dollar bill to some children and their parents were extremely thankful. I think it was Technically illegal for Chinese citizens to possess American currency at the time.

23
level 2

This doesn't explain why tourists aren't allowed to convert foreign money at a government kiosk to North Korean won and use that. The regime still gets the foreign money either way.

65
level 2

They have a huge operation counterfeiting US currency.

28
level 2

That's also the theory behind them being the force behind the crypto boom.

5
level 2

They don't hack into other countries. They have corporate operations embedded in foreign countries to invest in real estate an other financial instruments. Essentially money laundering and using capitalism to keep the fairy tale of communism alive.

There are some good German documentaries by DW (in English) that document this whole process of how NK stays funded.

And to reiterate, they don't do it by hacking. Their only connection to the rest of the world's internet is through China. China isn't dumb enough to let NK do this when there are easier ways to make money.

16
level 2

Cuba had two different pesos, with different coins and notes. It's supposed to be phased out in a couple months.

18
level 1

Why would someone be a tourist on North Korea? Well I guess it beats being a resident

156
level 2
· 2 yr. ago
313

About 20 years ago a stamp collector went there to get stamps. Also, athletes go for tournaments.

130

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