This week, a gold-plated cryptocurrency called PayMon was launched in Iran to help the country bypass US sanctions, as reported by CoinDesk.
As it was reported, four Iranian banks (Bank Mellat, Bank Melli Iran, Bank Pasargad and Parsian Bank) entered into a partnership with the Kuknos Company blockchain-startup to create the "Iran's national cryptocurrency" project. A week before the official launch of crypto-coins, the Iranian authorities began to negotiate with 8 countries regarding the implementation of cryptocurrency in international economic transactions.
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Iran PayMon cryptocurrency: report
According to the statements of local authorities, the Iranian Fara Bourse exchange will soon begin to conduct the first bidding with the participation of PayMon cryptocurrency. As previously reported on our website, PayMon digital coin was officially launched on February 2 as a way to bypass Donald Trump’s sanctions.
Recall that in July 2018, the Iranian government reported on the possible development of a national crypto-coin to stabilize the economy.
PayMon and legislation
It was assumed that the cryptocurrency would support the national fiat currency of Iran, the rial, and facilitate international transactions. However, this week the Central Bank of Iran published a draft report stating that "the bank has the right to block the use of unapproved cryptocurrencies as a means of payment".
According to experts, the categorical nature of the Central Bank of Iran is exclusively related to Bitcoin and some "American cryptocurrencies" and will not apply to PayMon.
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At the same time, in early January, US lawmakers submitted counter-bills against Iran’s attempts to create a sovereign crypto-currency. According to the "crypto-sanctions", the "Blocking Iran Illicit Finance Act" was approved. The "restriction" act was introduced by Mike Gallagher and Ted Cruz. The act provides for sanctions against those who deliberately provide Iran with funding, services, or "technological support for the development of Iranian digital currency."
The report on PayMon, a gold-plated Iranian cryptocurrency, does not yet reveal the nuances of asset promotion and distribution. According to local media, the coin will be supported by the country's gold and currency fund and will partly repeat the Venezuelan crypto-economy scheme.
Editor: Pereyidenko Ihor