Iran Launched Gold-Backed Cryptocurrency ‘PayMon’: Report


Iran Launched Gold-Backed Cryptocurrency 'PayMon': Report


Iran has launched a gold-backed cryptocurrency called “PayMon” in cooperation with four local banks and the Ghoghnoos Company, in a move made following international sanctions, the Financial Tribune reported on January 30.

According to the report, the cryptocurrency was launched thanks to the collaboration between Kuknos Company and four banks, namely, Bank Mellat, Bank Melli Iran, Bank Pasargad, and Parsian Bank.

The Financial Tribune quoted Valiollah Fatemi, director at Ghoghnoos, who revealed the PayMon was set to be used to tokenize the financial institutions’ assets and properties. A total of one billion PayMon tokens are reportedly set to be issued initially.