Iran has launched a gold-backed cryptocurrency
Iranian authorities launched a gold-backed cryptocurrency, PayMon, to circumvent international sanctions. On the issue of altcoin worked banks Person Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat, the asset will be presented on the over-the-counter platform Fara Bourse, writes CryptoGlobe.
According to the Director of the company Ghoghnoos Valiollah Fatemi, initially will be issued 1 billion new tokens. They will be used to tokenize the assets of financial institutions and reduce the negative consequences for the country's economy after disconnecting from the SWIFT interbank system.
At the end of January, the network reported that the Central Bank of Iran is preparing to introduce a ban on the use of digital money, which has not received the approval of the local financial regulator, to protect its national cryptocurrency. For citizens, restrictions will be imposed so that they can not store funds in excess of $10 thousand not in Bank accounts.