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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.

Based on the report, the cryptocurrency was launched as a result of 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 utilized to tokenize the financial institutions’assets and properties. An overall total of just one billion PayMon tokens are reportedly set to be issued initially.

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