The won (symbol: ₩; code: KPW) or Korean People's Won is the official currency of North Korea. It is subdivided into 100 chon. The won is issued by the Central Bank of the Democratic People's Republic of Korea, based in the capital city, Pyongyang. The official currency of South Korea, issued by the Bank of Korea based in Seoul, is divided into the same number of units, and is known as the South Korean won.