In the Islamic Republic of Iran, a cryptocurrency backed by gold was launched, created to avoid us sanctions. Cryptocurrency, known as Peyman (the Persian word "Covenant"), is the fruit of cooperation between the four banks and the company Ghoghnoos.
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Four partner banks, to launch a crypto-currency is Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat. "It is expected that the Iranian exchange Fara Bourse, will also accept the new currency," -said the Iranian-English daily Financial Tribune.
Tokenization of assets owned by banks
According to the Director of Ghoghnoos Valjoly Fatemi, Peyman will be used for tokenization of assets and surplus assets of the banks:
A token can function as a wallet and channel excess assets into the economic cycle. We are committed to expanding technology to accelerate the pace of banking transactions.
Ghoghnoos indicated in the statement that originally prompted one billion units of tokens Peyman. In the near future, the cryptocurrency will be available for purchase on the Fara Bourse exchange.
The launch of Peyman took place against the background of assumptions that Iran plans to unveil the cryptocurrency supported by the state, the cryptocurrency, in order to avoid us sanctions. Sanctions have undermined the ability of Iran and its citizens to deal with the rest of the world. This is due to the fact that financial intermediaries such as SWIFT, it is forbidden to offer services to the country.
The state of cryptocurrency as a replacement for SWIFT
Plans to create a national cryptocurrency were announced last year after Iran identified cryptocurrencies as a workaround for sanctions.
Immediately after the second tranche of sanctions came into force in November last year, the head of the Central Bank of Iran Abdolnaser Hemtai announced that the alternative to SWIFT is being developed. A little more than a week later, Iran signed an agreement on cooperation between Armenia and Russia within the framework of blockchain solutions, announcing the completion of the creation of its own cryptocurrency.
At the first stage of the implementation of the cryptocurrency supported by the state, only institutions such as commercial banks will have access. Only at the second stage, ordinary people will be able to use cryptocurrency.
Iran does not intend to use a state-supported cryptocurrency to receive payments for exports or initial payment for imports. However, this step may allow Iran to join the international payment system, which will be based on blockchain technology in the future.
The Central Bank of Iran regulates the circulation of cryptocurrency
The launch of Peyman also comes less than a week after Iran's Central Bank published a draft regulation on cryptocurrency, according to Aljazeera. While the rules lifted the ban that was introduced earlier, they still imposed restrictions on the use of cryptocurrency. For example, bitcoin still can not be used as a means of payment in the country. There are also restrictions on the number of cryptocurrencies that can be held by every citizen of the country.
In addition to the settlement of cryptocurrencies, such as bitcoin, the Central Bank of Iran also allowed the initial offering of coins (ICO). Crypto-currency exchanges and bitcoin wallets also received the green light, as well as crypto-currency mining.
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