Iran Banks Launch Gold-Backed Cryptocurrency "PayMon"

A Gold-based Cryptocurrency “PayMon” has been launched in Iran by four Iranian banks.

As per the report of Financial Tribune, Four Iranian banks have joined together and launched a cryptocurrency called “PayMon”. Bank Melli Iran, Bank Mellat, Parsian Bank and Bank Pasargad are working with startup Kuknos firm for the development of the cryptocurrency.

Kuknos had arranged a ceremony to launch the cryptocurrency where the executives of the banks and government officials were present there.

A billion PayMon tokens will soon be released and Iran Fara Bourse over the counter (OTC) cryptocurrency exchange will soon add this new crypto to their platform.

Valiollah Fatemi, Director of Kuknos mentioned that this new token will be used to tokenize the bank’s assets and properties.

Recently we had seen, Central Bank of Iran(CBI) is all set to launch its National Token. This cryptocurrency token is backed by Rial and can be used in major financial sectors of the country.

Also, Iran was trying to avoid US Sanctions by using cryptocurrencies. Hence this might be one of the reasons why they are coming up this new tokens and are experimenting with cryptocurrency.

What do you think of this Gold-Backed Cryptocurrency? Let us know in the comments below.