Iran Announced Creation Of Its Own Cryptocurrency
The PayMon cryptocurrency will be provided with gold, but only state financial organizations can work with it so far.
According to the Iranian financial information site Financial Tribune, the Islamic Republic of Iran has launched a gold-supported cryptocurrency called “PayMon”.
The cryptocurrency will be used for tokenization of assets and financial institutions’ property. It was created in cooperation with Ghoghnoos and four banks: Parsian Bank, Pasargad Bank, Melli Iran Bank and Mellat Ban
The new cryptocurrency to be traded on Fara Bourse, but at first only the state financial institutions will get access to operations.
“PayMon” will be created on the basis of blockchain technology and secured with gold. Initially, no more than one billion tokens will be issued.
It is assumed that the new cryptocurrency will help the country to minimize losses from American sanctions and the inability to use the global payment system SWIFT.
Earlier, the Iranian government reported that it was going to introduce a ban on the use of cryptocurrencies in the country to prevent competition with its cryptocurrency, which was supposed to be created. The use of bitcoin will be banned and the use of other currencies will be restricted. Citizens will not be allowed to keep more than 10 thousand dollars outside a bank account.