Iran launches gold-supplied cryptocurrency to circumvent sanctions

Iran launched cryptocurrency the PayMon collateralized with gold to circumvent international sanctions.

According to CryptoGlobe, the cryptcoin was released by Bank Mellat, Parsian Bank, Bank Melli Iran and Bank Pasargad. The asset will be listed on the Fara Bourse OTC platform.

At the beginning 1 billion new tokens will be released. They will be used to tokenize the assets of financial institutions and reduce the negative consequences for the country’s economy after disconnection from the interbank SWIFT system.

Earlier, Saudi Arabia and the United Arab Emirates announced the creation of a joint cryptocurrency.

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The token is designed for commercial banks and central banks of the two countries. Cryptocurrency will be launched to facilitate payments, as well as explore the possibilities of the blockchain and the impact on monetary policy.

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