Additional property of Iranian banks sold in crypto-currencies

Finance Materials 11 February 2019 12:35 (UTC +04:00)

Baku, Azerbaijan, Feb. 11

By Elnur Baghishov – Trend:

The additional assets of Iranian banks are now being sold via a blockchain system with coins backed by gold, Kourosh Parvizian, director of Association of Iranian Non-Government-Owned Banks and Non-Bank Credit Institutions, told Mehr, Trend reports.

According to Parvizian, citizens will be the clients of the said additional bank assets sold with gold-backed coins, adding that citizens can place their investments in safe places by benefiting from this tool, so as to protect their property.

"The sale of additional property of banks has increased in recent months. Of course, the sale of this property in the form of blockchain has just begun," he said.

According to Parvizian, banks intend to turn extra property that does not generate value into cash property.

Parvizian noted that the prices in housing and property markets are prone to change, and at the same time, the purchase and sale of property prove to be difficult, further stating that the use of tools such as blockchain allows the banks to sell their property to the citizens within the value added, and allows the citizens to protect the value of the investment against inflation.

"Banks are not interested in purchasing new property. In any case, however, the framework of their job is to create value and serve the citizens," Parvizian said, adding that there is no other alternative to this in the future.