Recently, Iran has announced intentions to unveil a state-backed cryptocurrency to escape US-led sanctions. The crypto currency would be state-backed and supported by Iranian banks. also to gain the capital of financial industries in Iran
However, last month the US has introduced bills to counter Iranian attempts to develop the currency. US act the Blocking Iranian Illicit Finance Act and other bills were introduced specifically to investigate the efforts to develop the state-backed digital coin. They also called for sanctions against the country’s funders and supporters.
Therefore, it is unclear whether the national digital asset will ever be unveiled. PayMon may represent Iran’s alternative to a riyal-based cryptocurrency.
As reported from Inside Bitcoin blog, Iran has also been reportedly negotiating with eight countries to use cryptocurrencies in financial transactions. These are South Africa, France, Switzerland, Bosnia, Austria Germany, Russia and United Kingdom.
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