Iran has partnered with blockchain startup Kuknos and has launched a gold-backed cryptocurrency called “PayMon,” according to the Financial Tribune.

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Four Iranian banks, Mellat, Melli Iran, Pasargad, and Parsian Bank have signed on to help fund this project.

One billion PayMon will be issued and Iran Fara Bourse, an over-the-counter (OTC) cryptocurrency exchange, is expected to use the token, according to the report.

In July, reports circled that Iran might develop its own cryptocurrency to bybass new sanctions passed by U.S. President Donald Trump. The cryptocurrency would tokenize the Iranian fiat currency, the Rial, to enable both domestic and foreign transactions.

In January, the Central Bank of Iran drafted a report stating they may seek to block the use of unapproved cryptocurrencies within the region.

In the U.S., lawmakers introduced a bill to thwart Iranian efforts to create a state-backed cryptocurrency.

Wisconsin representative, Mike Gallagher, introduced the Blocking Iran Illicit Finance Act, which calls for an investigation into Iran’s cryptocurrency efforts.

Texas senator, Ted Cruz, submitted a corresponding bill to call for sanctions against those who knowingly provide Iran with funding or “technological support, used in connection with the development of Iranian digital currency.”

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