Iran to unveil gold-backed cryptocurrency

posted 12 months ago
In a "major geopolitical and monetary development," Gold held in reserve by Iran’s central bank will back the value of “tokens on the blockchain” of Iran’s new central bank “cryptocurrency”. The crypto will be mined by a small consortium of private Iranian tech companies.

The Central Bank of Iran gave permission for the new crypto to be unveiled. Shahab Javanmardi, CEO of FANAP – an Iranian IT firm – said “The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals. The domestically encrypted money is designed to ease optimal use of Iranian banks’ frozen resources.” Announcement of Iran’s new state cryptocurrency came days after the CBI banned all private cryptocurrencies and crypto-businesses in the country. Overall, the legal and regulatory status of Bitcoin in Iran is unclear.
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