Gold-Backed Iranian Cryptocurrency Is Designed To Evade Sanctions

After clamping down on bitcoin miners earlier this month, Iranian bank officials are making an about-face and are backing an "indigenized digital money" that will be mined under the permission of the Central Bank of Iran. According to a report by the MEHR News Agency dated July 13, the cryptocurrency will be tied to precious metal. "The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals," said Shahab Javanmardi, an official with the Iran Chamber of Commerce, Industries, Mines and Agriculture, in an interview with MEHR. "The domestically-encrypted money is to ease the optimal use of Iranian banks' frozen resources."

Source: https://www.kitco.com/news/2019-07-21/Gold-Backed-Iranian-Cryptocurrency-Is-Designed-To-Evade-Sanctions.html

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