Saturday, July 20, 2019

Iran Finally Launched Gold Backed Cryptocurrency

Iran has finally launched its cryptocurrency after much speculation. The stable coin known as PayMon which was launched purposely to bypass economic sanctions from the united states was launched recently as reported by Financial Tribune.

The Iran National Stablecoin

The new Iran national cryptocurrency that is launched, PayMon is to see deployment as a tool by the country to fight the effect of economic sanctions on the country. As reported in recent time, the cryptocurrency was scheduled to be launched during the electronic banking and payment systems conference that started on the 29th of January. The report noted that the crypto would be launched in two phases, firstly as a tool to facilitate interbank payment and later as a tool for conducting transactions.

The new cryptocurrency, a stable coin, ‘PayMon’ means covenant in Persia and is being developed together with a local fintech firm Kuknos. The crypto has seen partnerships with some local crypto exchange in the country such as Bank Mellat, Bank Melli Iran, Bank Pasargad, and Persian Bank. Also, it is likely to be deployed as an alternative to SWIFT international transfer platform which has functioned as a tool for the united states to effect economic sanctions on the country in recent time. Such type of sanctions led to hyperinflation in the economy of the country last year.

Meanwhile, the news of the new cryptocurrency also came along with the news of lifting of the ban on the use of Bitcoin and initial coin offering ICO by the central bank of Iran.

National Crypto Adoption and Success

Iran is not the first country to launch national cryptocurrency. However, the goal of the launching is similar to the goal of the country that has launched it in the past which is to fight economic sanctions and salvage the economy. Venezuela petro which was launched last year by Nicholas Maduro to combat economic sanctions and salvage the crippling economic situation of the country has been a failure since the launch. The crypto has faced sanctions from the united states and bills also initiated to cripple its function.

Related Article:  Chicago Receives 30 New Bitcoin ATMs

Recently, the US treasury and financial crime arm FinCEN issued to Iran against the ‘illicit’ use of cryptocurrency. This could be termed more like the use of cryptocurrency to evade US economic sanctions. The success of Iran’s national cryptocurrency cannot be determined yet until it is fully implemented and proven. However, sanctions are still likely to come from the US.

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