Four banks in the Islamic Republic of Iran have developed a cryptocurrency under the name PayMon – the information was published on January 30 by the Financial Tribune.
According to reports, the e-currency was developed in cooperation with the Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat. Iran Fara Bourse, the local cryptocurrency market, will probably be responsible for e-coin trade.
Iran is entering a new era
Director Kuknos, a company dealing in blockchain technology, said the new cryptocurrency is a way to tokenize assets in Iran. Ultimately, up to one billion units of token will be broadcast.
Iran is also allegedly already negotiating with Switzerland, South Africa, France, Great Britain, Russia, Austria, Germany and Bosnia in order to carry out financial transactions in the new digital currency.
News is not a surprise, because rumors that Iran is creating its government-supported crypto-currency have been circulating around the media world for some time. The details were revealed, however, only at the conference on electronic banking and payment systems, which took place last week in Tehran.
We say NO to sanctions
The idea behind PayMon is to try to circumvent economic sanctions imposed on the country by the US. You can see that Tehran is trying to follow the path of Venezuela that broadcast Petro. It’s just that the former South American power rather did not think about its e-currency project, which does not fully meet the hopes that are set in it. Is the same fate awaiting the Iranian e-coin?
Oddly, at the end of January Iranian legislators from the central bank stated that they would strive to introduce legislation that blocks the use of cryptocurrencies for payment purposes in their country and prevents citizens from having significant funds deposited in this type of currency. On the other hand, one could also meet the opinions of Iranian politicians who believed that blockchain is an opportunity for the country’s development.
Probably a similar discussion is taking place in the Iranian elite, such as in Russia, where for more than a year the CryptoRubel project has been discussed – a Russian cryptocurrency whose supporter (again – supposedly) is Vladimir Putin himself.