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News

Iranian Banks Have Released Gold-Backed Cryptocurrency

Four major Iranian banks have cooperated to establish a blockchain-based startup called Kuknos Company for the development of gold-backed cryptocurrency “PayMon”.

The cryptocurrency “PayMon” was created regarding banks’ assets and properties tokenization programme. There will be a billion of PayMon issued in total.

The launch of national cryptocurrency backed by gold is related to recent US economic sanctions imposed by President Donald Trump and aims to circumvent it. “PayMon” would tokenize and back the rial, Iran’s national currency for promoting local and international transactions.

Though, American legislators have presented bills against Iran’s sovereign cryptocurrency and called for new sanctions against providing Iran with financial or technical support in terms of “PayMon” development.

Iran is not the first country which tends to develop its own national cryptocurrency. The idea of creating a cryptocurrency backed by gold is an effective solution in the unstable world of cryptocurrency.

Here, at Inn4Science we have successfully completed a similar project. Out team has experienced business analysts, architects and developers, have a number of groundworks and know all possible pitfalls.

If you are considering your own cryptocurrency backed by gold or any other asset as well as customized one for all your business tasks – don’t hesitate to contact our specialists and get expert consultation on your project idea!

DO YOU HAVE ANY QUESTIONS?

LET'S DISCUSS! BOOK A CONSULTATION WITH OUR SPECIALIST


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3 COMMENTS

  • Gregory

    Thanks, it’s good news! 🙂 The global banks, such as Goldman Sachs, JP Morgan, Credit Suisse, and Barclays, have already joined the R3 consortium, to sift through the work of the blockchain.

  • Malcolm

    You’re right, the main advantage of the blockchain over traditional banking transactions is the absence of intermediaries. I am waiting for a new article )

  • Thomas

    I think that In the situation with the blockchain there is one crucial problem – its capabilities are severely limited.