Iran Launches Gold-Backed Stablecoin Amidst US Sanctions

Iran is determined to find a way to prosper amid the unilateral sanctions imposed by the U.S. government, and the political team of Hasan Rohaní, president of the Persian country, is relying on the use of blockchain technologies as a way to counter U.S. influence in the world of international finance.

On January 30, the Iranian government Unveiled a Gold-Backed Cryptocurrency. The sovereign stablecoin is called PayMon (covenant in Persian) and was designed and developed by Kuknos, an Iranian company focused on tokenization of different types of assets.

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