North Korea, officially known as the Democratic People's Republic of Korea (DPRK), has its own unique currency system. The basic unit of currency for North Korea is the North Korean won (₩).

The North Korean won is issued by the Central Bank of the Democratic People's Republic of Korea, which is the country's central bank responsible for monetary policy and currency issuance. The currency is denominated in both coins and banknotes.

One won is further divided into 100 chon. However, due to inflation and economic instability, the chon is no longer commonly used in everyday transactions, and only the won is used for most transactions.

The exchange rate of the North Korean won is not determined by market forces but is centrally controlled by the government. It is essential to note that the North Korean won is not internationally recognized, and its value is not widely traded outside of North Korea.

The North Korean won is primarily used for domestic transactions within the country. Foreign currencies, such as the US dollar and Chinese yuan, are also used in limited circumstances, especially in areas near the border with China or for specific international transactions.

Obtaining North Korean won outside of North Korea can be challenging due to strict currency controls and limited availability. However, it is possible to exchange foreign currencies for won at authorized exchange offices within the country.

It is important to note that due to the isolated nature of North Korea's economy and limited access to information, the exact value of the North Korean won compared to other currencies is often difficult to ascertain. International organizations and foreign governments typically rely on estimates and unofficial exchange rates to assess the value of the currency.

In conclusion, the basic unit of currency for North Korea is the North Korean won. While it is primarily used for domestic transactions within the country, it is not internationally recognized, and its value is subject to government control. Foreign currencies may also be used in limited circumstances.

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