Four major banks and the Ghoghnoos Company have been working together in creating Iran’s very own cryptocurrency. The Peyman is backed by gold and can be obtained at the banks involved in the deal. According to the Financial Tribune these banks are the Parsian Bank, Bank Pasargad, Bank Melli Iran, Bank Mellat, and soon also at the over-the-counter exchange Iran Fara Bourse.
Peyman will mainly be used to tokenize banking assets and excess properties. So it’s not meant for everyday shopping. Initially one billion Peyman will be offered for sale.
The Peyman should not be confused with the state-backed cryptocurrency that’s in the works. The so-called Crypto Rial could be a way for the country to circumvent US sanctions, as these sanctions have crippled Iran’s oil and financial business. The Crypto Rial should make it easier again for Iranians to do business with the rest of the world.
Iran has become very open towards the use of cryptocurrencies. Mining and crypto exchanges are currently welcomed by the country. However, bitcoin can’t be used as a real payment option just yet. However, bans on ICOs have been lifted and crypto businesses are allowed. Iran has been tipped as one of the countries that could play a significant role in the adoption of cryptocurrencies in the world.
The Persian oil-rich country is just another one of many countries looking into crypto. The Marshall Island is going to introduce SOV as an alternative for the US dollar, Venezuela has the criticized oil-backed Petro and its people are active in using Bitcoin and Dash, while countries like Russia and China are exploring their options.
Also published on Medium.