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Cryptocurrency guaranteed by gold has been launched in the Islamic Republic of Iran. The cryptocurrency known as Peyman (Persian word meaning alliance) is the fruit of the cooperation between four banks and the company Ghoghnoos.
The four partner banks are Parsian Bank, Pasargad Bank, Bank Melli Iran and Bank Mellat. The Iran Fara Stock Exchange, an over-the-counter market, is also expected to host the new currency, reports the English-language Financial Tribune.
Tokenization of badets belonging to banks
According to Valiollah Fatemi, director of Ghoghnoos, Peyman will be used to distinguishing bank badets and surplus badets:
The token can work as a wallet and channel excess badet into the business cycle. We are looking to expand the technology to speed up the pace of banking transactions.
Ghoghnoos said that originally one billion units of Peyman would be offered. In the near future, cryptocurrency will be available for purchase on Irana Fara Stock Exchange.
Peyman's launch comes as Iran plans to unveil a crypto-rial-protected cryptocurrency to escape US sanctions.
Similar to the recent #Petro offer led by the Venezuelan government, Iran is considering the publication of a state #crypto and can make an official announcement soon: https: //t.co/oLS2qux9wu
– Stellerro.com (@stellerro) January 29, 2019
The sanctions paralyzed the ability of Iran and its citizens to do business with the rest of the world. Indeed, financial intermediaries such as SWIFT are prohibited from offering services to the country.
Cryptocurrency guaranteed by the state as an alternative to SWIFT
Plans for a crypto-rial were telegraphed last year after Iran identified cryptocurrencies as an alternative to sanctions.
Immediately after the entry into force of the second installment of sanctions last November, the governor of the Iranian central bank, Abdolnbader Hemmtai, announced that an alternative to SWIFT was already under consideration. A little more than a week later, Iran signed a cooperation agreement with Armenia and Russia.
During the first phase of government-backed cryptocurrency, only institutions such as commercial banks will have access. It's only in the second phase that users will be able to use cryptocurrency.
Iran does not plan to use the state-guaranteed cryptocurrency to receive payments for exports or pay for imports at first. This decision could however allow Iran to join an international payment system based on blockchain technology in the future.
The Central Bank of Iran publishes a regulation on cryptocurrencies
The launch of Peyman also comes less than a week after the Iranian central bank issued a draft regulation on cryptocurrency, by Al-Jazeera. Although regulations reversed a previously imposed ban, they still imposed restrictions on the use of cryptocurrency. For example, bitcoins still can not be used as a means of payment. There are also limits on the amount of cryptocurrency that a person can hold.
In addition to allowing crypto-currencies such as bitcoin, the Iranian central bank has also authorized initial offers of coins. Cryptocurrency and bitcoin portfolios have also been given the go-ahead, as have cryptocurrency operations.
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