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Gold-Backed Cryptocurrency Launched by Iranian Banks: Report

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A gold-backed cryptocurrency known as “PayMon” has reportedly been introduced in Iran.

According to Financial Tribune, 4 Iranian banks – Bank Mellat, Bank Melli Iran, Bank Pasargad and Parsian Bank – have partnered with blockchain startup Kuknos Company for the mission.

Aimed to be used in tokenizing the banks’ belongings and houses, one billion PayMon will to start with be issued, the document signifies. Iran Fara Bourse, an over the counter (OTC) crypto change, is most likely to make use of the token, it provides.

It used to be reported in July 2018 that Iran may broaden a countrywide crypto as a method to avoid new financial sanctions enacted by means of U.S. President Donald Trump. The cryptocurrency would again and tokenize Iran’s nationwide fiat foreign money, the rial, to be able to facilitate home and cross-border transactions.

Last week, even though, the Central Bank of Iran issued a draft document pronouncing that it will search to dam the usage of unapproved cryptocurrencies as a method of fee.

Last month, US lawmakers introduced expenses in opposition to Iran’s efforts to create a sovereign cryptocurrency.

Portions of the Blocking Iran Illicit Finance Act, offered by means of Rep. Mike Gallagher (R-Wisc.), known as for an investigation into Iran’s crypto efforts. A corresponding bill used to be submitted within the Senate by means of Sen. Ted Cruz (R-Texas). The proposals name for sanctions in opposition to those that knowingly supply Iran with investment, services and products or “technological support, used in connection with the development of Iranian digital currency.”

Iran symbol by way of Shutterstock 

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