Four Iranian Banks Ready To Support PayMon

Four of the popular and most trusted banks of Islamic Republic Of Iran have developed a gold backed cryptocurrency which is called as PayMon, the financial news website Financial Tribune has reported on 30th of January this year. According to the article, reports suggest that the crypto asset, PayMon has been developed in cooperation with the Bank Pasargad, Parsian Bank, Bank Melli Iran, and Bank Mellat. Iran Fara Bourse, an over-the-counter cryptocurrency exchange, will reportedly list the new cryptocurrency. Honorable director of Kuknos, the blockchain company is now taking care of the technical aspects, has said that the new cryptocurrency asset is a way to tokenize assets and excess properties of the banks. A billion PayMon tokens will be initially released, according to the article.

Reports from the from a crypto media channel tells that, Iran is allegedly negotiating with the European countries like France, Switzerland, Austria, Germany, the United Kingdom, other countries such as South Africa and Russia to carry out financial transactions in cryptocurrency. Recently, there were a lot of rumors that the Republic of Iran might unveil its state-backed cryptocurrency at the Electronic Banking and Payment Systems conference that took place last week in Tehran. However, the official announcement has not been made as of press time. During the month of July, in the last year 2018, it was reported that the country confirmed that it would create its own state-issued cryptocurrency to circumvent sanctions of the United States.

During the last week of this year’s January, most of the lawmakers of Iran has noted that they would seek to introduce legislation to block the use of cryptocurrency for the mutual payments and transactions inside the country of Iran and keep the citizens from having the significant holdings. Also during the month of December in the year 2018, reports from a crypto media channel, tells that Alireza Daliri, the deputy for management development and resources at the vice presidency for science and technology, said that the blockchain could help to improve the country’s national economy.

In a similar move, during the month of October in the last year, 2108, the South American country Venezuela has launched its oil-backed cryptocurrency, named Petro. However, it is still not clear that which exchanges the coin is currently trading on, and critics have made some points that the oil-fields that purportedly back Petro show little signs of activity.

Donald Greenough
About author

Donald Greenough has spent almost a decade in covering latest news articles about finance industry. He holds master's degree in journalism and working as a senior news editor at FinanceBottom. He regularly contributes trending news updates related to business world.
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