Iran Launches Gold-backed Cryptocurrency as Anticipation for Crypto-Rial Grows to Evade US Sanctions

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Iran Launches Gold-backed Cryptocurrency as Anticipation for Crypto-Rial Grows to Evade US Sanctions

A gold-backed cryptocurrency has been launched in the Islamic Republic of Iran,. The cryptocurrency known as Peyman (the Persian word for covenant) is the fruit of cooperation between four banks and Ghoghnoos Company. The four partner banks are Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat. Iran Fara Bourse, an over-the-counter exchange, is also expected to host the new currency, Iranian English daily Financial Tribune reports. Tokenization of Assets Belonging to Banks According to a Ghoghnoos director, Valiollah Fatemi, Peyman will be used to tokenize banks’ assets and excess properties: The token can function like a wallet and channel

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