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 program. 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. Our 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! We also recommend reading how to create your own cryptocurrency and how to tokenize physical assets in our blog.