Iranian banks find another way to avoid US sanctions

Posted 31 January, 2019

In less than a week after Tehran was expected to announce rial-backed crypto, it has been reported that Iran issued a gold-backed crypto coin called Peyman (covenant in Persian) with the participation of four Iranian banks as well as Ghoghnoos Company developed the project.

According to the media, the local banks Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat teamed up with Ghoghnoos to develop new crypto. The new cryptocurrency will also get support from the local OTC exchange Iran Fara Bourse.

Valiollah Fatemi, director at Ghoghnoos, notes that the Peyman project is designed to be used as a tool to tokenize banks’ assets and excess properties. He said that tokens are capable of functioning as wallets, channelling the excessive assets into the economic cycle. The Head of Ghoghnoos highlighted once again that the company remained committed to expanding the technology that may boost bank transactions.

Ghoghnoos has announced it will be offered a billion of Peymans during the initial stage of the project. In addition, the Iran Fara Bourse is said to make the crypto available to the customers soon.

Notably, the launch of the currency coincided with arising market speculation that Iran is going to issue state-backed crypto, so-called crypto-rial, in order to avoid the US sanctions. In particular, the renewed US sanctions left Iranian people without a chance to conduct business with other countries, since the country has been excluded from SWIFT.

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31 January, 2019 17:51

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