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Iran drops gold-backed cryptocurrency

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Iran drops gold-backed cryptocurrency

Iran drops gold-backed cryptocurrency

IRAN β€” A gold-backed cryptocurrency called the Peyman has been launched in the Islamic Republic of Iran.

According to Iranian English paper Financial Tribune, the Ghoghnoos Company and four banks teamed up to offer the digital currency.

The four partner banks are the Parsian Bank, Bank Melli Iran, Bank Pasargad and Bank Mellat.

Over-the-counter exchange Iran Fara Bourse is also expected to offer the Peyman, which is the Persian word for covenant.

According to a Ghoghnoos director, Peyman will be used to tokenize banks' assets and excess properties.

Ghoghnoos has indicated one billion tokens will be available in the initial coin offering.

The Peyman is also expected to be available for purchase on Iran Fara Bourse.

According to Al Jazeera, the launch of the Peyman comes less than a week after Iran's central bank issued draft cryptocurrency regulations.

Iran's central bank also gave the nod to initial coin offerings, cryptocurrency exchanges, bitcoin wallets and cryptocurrency mining.

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