The Islamic Republic of Iran has launched its own national cryptocurrency, backed by gold. The new crypto is called “PayMon” and launched in a collaboration with four financial institutions, Financial Tribune states.
The currency was reportedly developed on blockchain technology by Kuknos Company.
According to the statement, the currency was developed with the help of Bank Mellat, Bank Melli Iran, Bank Pasargad, and Parsian Bank.
As it states, at the first stage there will be issued approximately one billion PayMon tokens. At a later date, the central bank of Iran will issue PayMon for all citizens within the country.
Earlier, the Central Bank of Iran presented an early regulation draft on cryptocurrencies, recognizing bitcoin (BTC) as legal asset.
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