Four banks based in Iran have united to create a cryptocurrency backed by gold which will be called PayMon. According to the original reports, which were made by the Financial Tribune, the asset was created via a partnership of the Bank Pasargad, Bank Mellat, Parsian Bank and the Bank Melli Iran.

This new crypto will be listed first on a local over the counter (OTC) crypto exchange known as Iran Fara Bourse.

According to the director of Kuknos, a company that is helping the banks to launch the new product, a billion tokens will be sold at the launch. They will tokenize assets and excess properties that the banks currently hold.

These assets will be initially sold via an Initial Coin Offering (ICO), which will see buyers paying in order to acquire these tokenized assets from the banks.

Iran has turned its eye on cryptocurrencies last year because of the U. S. sanctions, which have basically cut the country off the financial world. Now, the country is in a dire need of money, so it is already negotiating with countries like the United Kingdom, Russia, Germany, Austria, Switzerland, France and South Africa in order to make crypto transactions.

Cryptos are at the center of the attention in the country recently as the sanctions are creating a big financial crisis in Iran. There are rumors that the country is ready to launch its own state-issued crypto to circumvent the sanctions, but the details are not really trustworthy at the moment, so this is mere speculation.

However, the law of Iran is not fully pro-crypto, as the government is currently trying to introduce a new law that would forbit citizens to hold big amounts of crypto and to make domestic transactions using cryptos, which is a shame.

It looks like Iran, just like Venezuela, which faced similar problems, is set to use cryptos to escape international pressure, however, the government does not seem to be so pro-crypto that it is ready to allow the citizens to share the freedom of using them.

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