Iranian authorities, in cooperation with four local banks, launched a cryptocurrency to circumvent international sanctions, reports CryptoGlobe.
According to the publication, a cryptocurrency called PayMon (from the Persian 'testament') is provided with gold reserves. Financial institutions Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat worked on the launch of the new payment instrument. It is expected that the asset will be presented on the Iranian over-the-counter platform Fara Bourse.
As the director of Ghoghnoos, Valiolla Fatemi, said, PayMon will also be used to tokenize the assets of financial institutions. According to him, at first 1 billion PayMon tokens will be released.
The new means of payment, Fatemi notes, will help circumvent international sanctions and, in particular, reduce the negative consequences for the economy due to the refusal of SWIFT to cooperate with local financial institutions.