PayMon – the gold-backed digital coin of Iranian banks

Securities and Exchange Organization

The idea that Iran is going to launch its very own stablecoin has been around for some time now. The country is undeniably working towards liberalizing its crypto space and embracing the technology of blockchain.

Reportedly, Iranian banks have already launched their very own cryptocurrency, called PayMon. It is backed by gold. The four Iranian banks that are currently participating in the crypto project are Bank Melli Iran, Bank Pasargad, Parsian Bank and  Bank Mellat. They have partnered with Kuknos Company, a blockchain startup.

The cryptocurrency is not released yet. However, the release of the coin will feature 1 billion PayMon, which will be used by Iran Fara Bourse, an OTC exchange. The primary purpose of the coin is to tokenize the banks’ properties and assets. The information comes from Financial Tribune.

Iran’s primary goal, it seems, is to alienate itself from the influence of US. Last month, the US issued several bills against Iran’s efforts of creating a cryptocurrency. What is more, the sanctions issued by the US are heavily affecting the Iranian economy and domestic currency.

It seems that the United States is not very comfortable with Iran having a second stablecoin to coin used by banks, as this allows for greater financial independence. Many countries that have been under US sanctions have already issued their own digital coins, or are planning to do so.


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