Iranian authorities launched PayMon cryptocurrency secured with gold to circumvent international sanctions. Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat worked on the release of altcoin, the asset will be presented on the over-the-counter platform Fara Bourse, writes CryptoGlobe.

According to the director of the company Ghoghnoos Valiolla Fatemi, 1 billion new tokens will be initially released. They will be used to tokenize the assets of financial institutions and reduce the negative consequences for the country's economy after disconnection from the interbank SWIFT system.

In late January, the network reported that the central bank of Iran is preparing to impose a ban on the use of digital money, which was not approved by the local financial regulator, to protect its national cryptocurrency. Restrictions will be imposed on citizens so that they cannot keep funds in excess of $ 10,000 in non-bank accounts.

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