Iran to Issue Gold Backed Token Paymon, Media Says

It is expected new asset will help circumvent international sanctions and improve economics
04 February 2019   471

Iranian authorities, in cooperation with four local banks, launched a cryptocurrency to circumvent international sanctions, CryptoGlobe reports.

According to the publication, a cryptocurrency called PayMon (from the Persian "testament") is provided with gold reserves. Financial institutions Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat worked on the launch of the new payment instrument. It is expected that the asset will be presented on the Iranian over-the-counter platform Fara Bourse.

As the director of Ghoghnoos, Valiolla Fatemi, said, PayMon will also be used to tokenize the assets of financial institutions. According to him, at first 1 billion PayMon tokens will be released.

The new means of payment, Fatemi notes, will help circumvent international sanctions and, in particular, reduce the negative consequences for the economy due to the refusal of SWIFT to cooperate with local financial institutions.

South Koreans to Invest in Crypto Actively

In addition to the investment amounts, the share of those interested in investing in digital assets also increased
22 April 2019   84

The average amount of investments in cryptocurrency from South Korean invesetprs is $ 6,100, which is 64% more than last year, Cointelegraph reports.

According to a survey conducted by the Korean Fund for the Protection of Portfolio Investors, in addition to the investment amounts, the percentage of those interested in investing in digital assets also increased. Thus, 7.4% of the 2500 respondents have already acquired cryptocurrency (last year there were 6.4% of those). It is noteworthy that this figure has increased, despite several major break-ins of the South Korean crypto exchange, as well as tougher regulation of the industry.

Analysts connect the market with a recent bitcoin price jump and hope for a new bull rally.

Recall recently it became known that 94% of trust capital funds invest in cryptocurrency.