Iran Set to Reveal a Central Bank Authorised Gold-Backed Cryptocurrency

By Mark Lemon – Cryptocurrency Dealer

An Iranian official from the Chamber of Commerce, Industries, Mines, and Agriculture just claimed that the nation is on the verge of introducing a gold-backed cryptocurrency that is going to be mined under the central bank’s permission. It appears not any users will not be able to mine this and cash out crypto generated.

The official by the name of Shahab Javanmardi said the currency will be mined via an agreement between the Central Bank of Iran and a group of Iran’s private IT firms. This echoes sentiment in the US in which big tech firms are interested in how buying and selling Bitcoin could benefit their operation. He was quoted to have said:

“The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals. The domestically encrypted money is to ease the optimal use of Iranian banks’ frozen resources.”

According to local news outlet Mehr, Javanmardi advised the government to have the country’s cryptocurrency mining industry regulated. For the past several weeks, Iran has been cracking down on cryptocurrency mining making it difficult to mine and exchange Bitcoin received.

Last month late in June, Iranian authorities had seized over 1,000 Bitcoin mining rigs, claiming they were disrupting the electrical grid. Also, at the beginning of July, an official of the Central Bank of Iran announced that “all cryptocurrency-related activities are forbidden in Iran.” Which doesn’t bode well for any looking to sell Bitcoin or another cryptocurrency they have mined. 

Four Iranian banks, earlier in 2019, were revealed to be working with a company known as Ghoghnoos to develop a cryptocurrency-based payment system. The cryptocurrency is to be called ‘PayMon,’ which is a gold-backed token based on the Stellar (XLM) network. Users will be able to buy and sell cryptocurrency on the Stellar network for this token.

You can buy Stellar over on our platform along with services to exchange Bitcoin for cash so make sure you take a look.

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