A report that North Korea is now allowing major state firms to issue bonds to individuals and other firms points to remarkable changes in the country’s financial system, potentially opening the door for more private entities to invest capital in the economy.

For decades, widespread distrust of state banks and financial authorities led many North Koreans to avoid participating in the official economy as much as possible, sitting on their savings instead of allowing their money to circulate. Even when changes under Kim Jong Un allowed individuals to directly invest in firms, high barriers to entry