The North Korean Won is the official currency of North Korea, with a currency code of KPW. It was first introduced in 1947 and has been used ever since as the national currency of the country. The value of one won is equal to 100 chon and it can be exchanged for other currencies at select banks in China, Japan, South Korea and Russia.The exchange rate between foreign currencies such as US dollars or Euros to won fluctuates daily due to its highly volatile nature. As a result, it’s usually difficult for foreigners visiting North Korea from outside countries or even citizens living abroad trying to send money back home without using an intermediary service like Transferwise which allows you convert your funds into won securely online before transferring them directly into someone's bank account within minutes .Despite being largely isolated from world markets due its repressive government policies ,the use digital payments apps such as WeChat Pay are becoming increasingly popular among locals allowing them purchase goods online without having access traditional banking systems . This could potentially lead more widespread adoption in future years making transactions easier both inside out side the country reducing reliance on cash transactions that have long been associated with this secretive nation state.
