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Iran launches PayMon national cryptocurrency

02/05/2019
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Rumors that the Iranian national cryptocurrency will appear in the near future have been fully confirmed. It was originally planned that this will happen on January 29. However, for unknown reasons, the launch took place on February 4, 2019. In this case, not everyone will be able to use the new coin.

Iran's cryptocurrency as a way to circumvent sanctions

The Iranian authorities are very suspicious of technological innovations, therefore the appearance of a national cryptocurrency in the country can be called a forced step. Under pressure from US sanctions, they are forced to look for new ways of mutual settlements.

The new coin, which was named PayMon, will not be available to individuals. It is assumed that only financial organizations will be able to use it. Immediately after launch, the asset is available only to four banks with state participation. Therefore, it is difficult now to talk about how much this asset will be in demand. Its total emission is 1 billion pieces, and it is backed by gold. However, no one talks about the relationship between precious metal and token.

Iranian authorities stated that they are not ready to allow the use of other cryptocurrencies in the country. Therefore, ordinary citizens will be able to buy and sell bitcoins only at their own peril and risk.

Cryptocurrencies in the international arena

Tehran has already offered other countries to use cryptocurrencies to secure trading operations. Such an invitation was sent to 12 countries, and so far nothing is known about the response.

It is worth recalling that the authorities of Venezuela are taking about the same steps. Here, too, the national cryptocurrency has been released. However, the scope of use of this asset turned out to be extremely narrow. It is issued as a salary to civil servants, but retailers do not consider this asset as a means of payment. They can pay only for utilities or travel in transport.

From an economic point of view, work on the creation of a cross-border cryptocurrency of Saudi Arabia and the United Arab Emirates looks more interesting. Plans to create national tokens have already been voiced by a number of countries. Including Sweden, which was one of the first to announce the launch of an e-krona.

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