Gold-backed cryptocurrency PayMon launched in Iran

As per the Financial Tribune, the four banks are: the Parsian Bank, the Bank Pasargad, Bank Melli Iran, and Bank Mellat. Moreover, an over-the-counter (OTC) cryptocurrency exchange named Iran Fara Bourse is expected to adopt the cryptocurrency, as well.

Ghoghnoos revealed that the PayMon was meant to tokenize the financial institutions’ assets and properties. The company continued that the initial plan is to issue a total of one billion PayMon tokens. The move comes months after international sanctions started crippling the country’s economy by forcing payment networks from offering services to its institutions.