Iranian cryptocurrency to be commissioned soon

Business Materials 6 June 2019 14:10 (UTC +04:00)

Baku, Azerbaijan, June 6

By Elnur Baghishov – Trend:

Iran's Peyman cryptocurrency is about to start operating and will soon be launched, Mohammad Reza Hosseinzadeh, CEO of Bank Melli Iran, told ISNA, Trend reports.

According to him, Iran’s soon-to-be-launched Peyman cryptocurrency was created with the partnership of four Iranian banks – Bank Mellat, Bank Melli Iran, Bank Pasargad and Parsian Bank – with blockchain startup Kuknos Company.

Hosseinzadeh added that initial work on the launch of the cryptocurrency has been carried out.

"The cryptocurrency will be initially used for property sales and purchases, and will gradually expand to cover all areas," he said.

Hosseinzadeh said that the cryptocurrency is gold-backed.

Iran officially announced the launch of the Peyman cryptocurrency in late January 2019.

According to officials at Kuknos, as a result of coordination works, 2 kg of gold were provided as reserve. The cryptocurrency will be sold to customers by taking the price of gold into account. Meanwhile, 200 million units of Peyman will be given to new customers, and 150 million Peyman will be given to citizens who will take their gold to the partner banks mentioned above. Also, 600 million units of Peyman will be produced on a monthly basis, by taking the market demand into account.