The Islamic Republic of Iran, in collaboration with four local banks and the Ghoghnoos IT company, launched the national gold-linked cryptocurrency, as reported by the news agency Crypto Globe.
On February 2, Iranian authorities announced the launch of the national PayMon cryptocurrency. According to a report in the Financial Tribune, a crypto-coin was created to circumvent the sanctions of the United States.
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PayMon Iranian cryptocurrency
The PayMon crypto-coin was officially launched on February 2nd. Cryptocurrency development took place in cooperation with four local banks: Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mella. According to a press release in the Financial Tribune, "PayMon is a stable cryptocurrency that is supported by the country's gold and currency reserves." The name of the coin comes from the Persian language and is translated as "Testament".
It is expected that a new cryptocurrency asset will soon be presented at the Iranian over-the-counter platform – Fara Bourse. The emergence of a crypto-coin is directly related to US sanctions, which have intensified over the past few months.
The creation of a national crypto-coin of Iran was commented by Valiollah Fatemi, CEO of the Ghoghnoos developer company: "PayMon cryptocurrency will be used to tokenize the shares of local financial institutions (...) First, 1 billion PayMon tokens will be issued with gold pending, which will make the price of the stable-coin".
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A PayMon crypto-coin was launched in Iran. As stated in the press release of the coin, PayMon will help circumvent the existing US sanctions, as well as circumvent the bans of the SWIFT international payment system.
Editor: Alyona Nabok