Author Topic: Iran Announces Gold Backed National Cryptocurrency  (Read 3049 times)

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Iran Announces Gold Backed National Cryptocurrency
« on: July 21, 2019, 06:21:07 PM »

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The Tehran News agency has reported that Iran intends to launch a gold-backed cryptocurrency. This comes less than a week after President Trump slammed virtual currencies on Twitter amid tensions between the historic foes. The New agency reported the development on its English website. Accordingly, the Central Bank of Iran (CBI) has approved the issuance of new cryptocurrencies.

This is according to the CEO of Iranian Information and Communication Technology (ICT) FANAP, Shahab Javanmardi. Shahab described the measure as follows:

“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.”

As a matter of fact, banks like Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat were working with blockchain startup Kuknos Company on this as early as January. The Financial Tribune reported that the gold-backed cryptocurrency project will be called Paymon.

 
https://www.asiacryptotoday.com/iran-announces-gold-backed-national-cryptocurrency

 

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