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Cryptocurrencies

Gold-backed cryptocurrency 'PayMon' launched in Iran

Monday 4 February 2019 | 10:48 AM CET

The Islamic Republic of Iran has launched ‘PayMon’, a gold-backed cryptocurrency, in cooperation with four local banks and the Ghoghnoos Company.

As per the Financial Tribune, the four banks are: the Parsian Bank, the Bank Pasargad, Bank Melli Iran, and Bank Mellat. Moreover, an over-the-counter (OTC) cryptocurrency exchange named Iran Fara Bourse is expected to adopt the cryptocurrency, as well.

Ghoghnoos revealed that the PayMon was meant to tokenize the financial institutions’ assets and properties. The company continued that the initial plan is to issue a total of one billion PayMon tokens. The move comes months after international sanctions started crippling the country’s economy by forcing payment networks from offering services to its institutions.

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