Crypto News: Gold-Backed Cryptocurrency Launched by Iranian Banks
A gold-backed cryptocurrency called “PayMon” has reportedly been launched in Iran.
According to Financial Tribune, four Iranian banks – Bank Mellat, Bank Melli Iran, Bank Pasargad and Parsian Bank – have partnered with blockchain startup Kuknos Company for the project.
Aimed for use in tokenizing the banks’ assets and properties, a billion PayMon will initially be issued, the report indicates. Iran Fara Bourse, an over-the-counter (OTC) crypto exchange, is likely to use the token, it adds.
It was reported in July 2018 that Iran might develop a national crypto as a means to bypass new economic sanctions enacted by U.S. President Donald Trump. The cryptocurrency would back and tokenize Iran’s national fiat currency, the rial, in order to facilitate domestic and cross-border transactions.
Full story HERE
Source: CoinDesk
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awesome!
Will this be possible(bypassing US sanctions)?