Iran’s National Crypto or Repeating the Mistakes of Venezuela?

Iran’s National Crypto or Repeating the Mistakes of Venezuela?

Recently it became known that the Iranian government is seriously engaged in launching its own national cryptocurrency. It will be a stablecoin, backed by gold reserves. In fact, the price of the coin should correspond to the current gold rate. This decision is due to the need to circumvent international sanctions.

The leading banks of this country has presented the PayMon cryptocurrency. Parsian Bank, Pasargad Bank, Bank Melli Iran and Bank Mellat have taken part in its development. The Iranian Stock Exchange has already supported the new token and should provide the opportunity to trade this asset. According to the developers, the main task of PayMon is the tokenization of excess assets of Iranian banks. The connection of this coin with gold hasn’t been mentioned.

Iran’s position on the cryptocurrencies is very ambiguous. Probably, the government intends to create a state monopoly on cryptocurrency.

The situation was similar in Venezuela. Maduro was confident that the coin El Petro (backed by oil reserves) will be able to lead the country out of the crisis. However, this crypto epopoeia failed miserably. So far, Iran has not disclosed all the cards and many details remain at the level of rumors. But don’t overestimate the importance of the Iranian token. Experience shows that the cryptocurrency should belong only to the community not to private or public structures.