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Iran has officially launched their own Gold-backed Cryptocurrency. Four banks have cooperated with the Ghoghnoos Company and they came up with the Cryptocurrency now known as Peyman. Peyman is the Persian word for covenant. The partnering banks are Bank Pasardgad, Bank Melli Iran, Parsian Bank and Bank Mellat.

Iran Fara Bourse is an over-the-counter (OTC) exchange, which is expected to host the new digital currency according to the daily Financial Tribune reports. Valiollah Fatemi, the director of Ghoghnoos the Peyman will be used to tokenize the assets of banks and excess properties. He stated:

“The token has the ability to function like a wallet and channel the excess assets into the economic cycle. It’s also our desire to use the technology to accelerate the pace of bank transactions”

The Initial Coin Offering will consist of one billion tokens of Peyman. When all preparations are complete, the Peyman will be available for purchase on Irana Fara Bourse. The Peyman’s launch comes just as speculation about a state-backed Cryptocurrency reached an all-time high. All the speculation were focused on how this Digital Currency would be used to help Iran evade the United States sanctions.

The sanctions have increasingly crippled the ability of both the country and its citizens to conduct business with the entire world. This is mainly due to the fact that financial intermediaries like SWIFT are prohibited from offering services to the entire country.

The Iranian Gold-backed Digital Currency – Peyman

Plans for the Digital Currency were discussed last year as an Iranian Cryptocurrency and as a way to evade the US sanctions. After November’s sanctions went into effect, Adolnasser Hemmtai, the governor of Iran’s Central Bank announced that an alternative to SWIFT was already in the works. Just over a week later, Iran linked a Blockchain cooperation deal with Armenia and Russia.

When the first phase of the state-backed Digital Currency is operational, only institutions such as commercial banks will be allowed access. Only when the second phase is operational, individuals will be allowed to use the Cryptocurrency.

Iran however, does not plan on using the state-backed cryptocurrency to receive payments for exports. The cryptocurrency will allow Iran to potentially be a part of an international payment system based on Blockchain technology in the near future.

The Peyman launch also comes less than a week after the country’s central bank issued draft cryptocurrency regulations. While the regulations reversed an earlier ban, they still imposed restrictions on Crypto use. Bitcoin still cannot be used a means of payment.

There are also limits on the amount of Crypto an individual is allowed to hold. Iran’s central bank also permitted Initial Coin Offerings. Crypto exchanges, Bitcoin wallets and mining were all given a green light as well.

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