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Iran Will Launch Its Own Gold-Backed Cryptocurrency

23 Jul 2019

With sanctions raining on all sides, courtesy of the United States of America, Iran has announced that it is all set to launch its own gold-backed cryptocurrecy. This news was sounded by the Tehran News Office, soon after the President of the United States (POTUS), Donald Trump, posted one of his rage-fuelled tweets against cryptocurrencies.The Central Bank of Iran (CBI), has affirmed the issuance of new digital forms of money. This is as per the CEO of Iranian Information and Communication Technology (ICT) FANAP, Shahab Javanmardi, reported news portal, Coin News Asia. The portal further revealed that the gold-backed cryptocurrency will be known as Paymon.Shahab said, “Iran’s cryptocurrency will be supported by gold, but its function is similar to other cryptocurrencies. The crypto asset is designed to maximize the use of Iranian frozen bank assets.”Banks such as Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat, were working with a blockchain startup known as Kuknos Company, earlier this year, in January.In January, this year, we had reported that the official announcement regarding the country’s own cryptocurrency would take place at the annual two-day Electronic Banking and Payment Systems conference, which took place on January 29 in the capital, Tehran. The theme of this year’s gathering is “blockchain revolution”.Earlier, in 2018, Iran had hinted that it might be switching to cryptocurrencies, in a way to bypass the US sanctions. In July, Iran’s bitcoin trading volumes skyrocketed after the US passed the sanctions. As earlier reported by Crypto-News India, in the black market, the rate went further higher and was trading on an average of 100,000 Rials for a USD. With economic collapse gaining momentum and fears of Rials losing value, locals have started putting their money in gold coins and virtual currencies in order to circumvent the large effect of the economic sanctions.Liked what you read? Join us on Telegram

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