Gold-Backed Cryptocurrency Launched by Iranian Banks: Report | CryptoTechBuzz
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Gold-Backed Cryptocurrency Launched by Iranian Banks: Report

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

In keeping with Monetary Tribune, 4 Iranian banks – Financial institution Mellat, Financial institution Melli Iran, Financial institution Pasargad and Parsian Financial institution – have partnered with blockchain startup Kuknos Firm for the challenge.

Aimed to be used in tokenizing the banks’ property and properties, a billion PayMon will initially be issued, the report signifies. Iran Fara Bourse, an over-the-counter (OTC) crypto alternate, is probably going to make use of the token, it provides.

It was reported in July 2018 that Iran would possibly develop a nationwide crypto as a way to bypass new financial sanctions enacted by U.S. President Donald Trump. The cryptocurrency would again and tokenize Iran’s nationwide fiat forex, the rial, in an effort to facilitate home and cross-border transactions.

Final week, although, the Central Financial institution of Iran issued a draft report saying that it might search to dam using unapproved cryptocurrencies as a way of fee.

Final month, US lawmakers launched payments towards Iran’s efforts to create a sovereign cryptocurrency.

Parts of the Blocking Iran Illicit Finance Act, launched by Rep. Mike Gallagher (R-Wisc.), known as for an investigation into Iran’s crypto efforts. A corresponding invoice was submitted within the Senate by Sen. Ted Cruz (R-Texas). The proposals name for sanctions towards those that knowingly present Iran with funding, providers or “technological assist, utilized in reference to the event of Iranian digital forex.”

Iran picture by way of Shutterstock 

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