Four banks within the Islamic Republic of Iran have developed a gold-backed cryptocurrency known as PayMon, monetary news website financial apsis reported on January. 30.

According to the article, the crypto asset has been developed in cooperation with the Parsian Bank, the Bank Pasargad, Bank Melli Iran and Bank Mellat. Iran Fara Bourse, an over-the-counter (OTC) cryptocurrency exchange, can reportedly list the new cryptocurrency.

The director of Kuknos, the blockchain company taking care of the technical aspects, same that the new crypto asset could be a way to tokenize assets and excess properties of the banks. A billion PayMon tokens are initially released, as per the article.

As  Top Market Group recently reported , Iran is allegedly negotiating with Switzerland, South Africa, France, the UK, Russia, Austria, Germany and Bosnia to hold out monetary transactions in cryptocurrency.

Recently, rumors spread that Iran might unveil its state-backed cryptocurrency at the Electronic Banking and Payment Systems conference that held last week in Teheran, however, the announcement has not been made as of press time. In July 2018, it had been reported that the country confirmed that it'll create its own state-issued cryptocurrency to circumvent U. S. sanctions.

At the end of this Jan, Iranian lawmakers noted that they'd look for to introduce legislation to block the utilization of crypto for payments within the country and keep citizens from having significant holdings.

Last year In Dec, Top Market Group reported deputy for management development and resources at the vice presidency for science and technology,  Alireza Daliri, same that blockchain will help improve the country’s national economy.

In a similar move, Venezuela launched its oil-backed cryptocurrency, Petro, in Oct of last year. However, it's unclear that exchanges the coin is presently trading on, and critics have pointed out that the oil-fields that supposedly back Petro show little signs of activity.

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