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Iran is getting ready to launch its own cryptocurrency

Iran Chamber of Commerce representatives confirmed that the cryptocurrency with golden coverage will start to circulate in the country soon. It was approved by the Central Bank.

Thanks to the agreement with the local Central Bank, the consortium of private IT-companies will be able to obtain a new cryptocurrency. As we know, earlier the official Tehran was against mining any cryptocurrency. For example, in June the law enforcement officers confiscated 100 Bitcoin-miners claiming that they violate the power grid’s functioning.

Iran’s digital currency is offered in gold, but its functional is identical to the one of other cryptocurrencies.

Earlier this year it was found out that near-Eastern country’s banks create a payment system based on cryptocurrency together with Ghoghnoos company.

The cryptocurrency known as PayMon, should help the country to bypass the US sanctions and fix international trade.

Many details are unknown, but PayMon will be possibly sold in the specialized exchange offices, and tokens’ owners will be able to exchange them to real gold.

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