De-Dollarization Accelerates: Iran Unveils Gold-Backed Cryptocurrency

[DamianTV]

https://www.zerohedge.com/news/2019-...cryptocurrency

Authored by Adrian Zmudzinski via CoinTelegraph.com,

Four banks in the Islamic Republic of Iran have developed a gold-backed cryptocurrency called PayMon, financial news website Financial Tribune reported on Jan. 30.

According to the article, the crypto asset has been developed in cooperation with the Parsian Bank, the Bank Pasargad, Bank Melli Iran and Bank Mellat. Iran Fara Bourse, an over-the-counter (OTC) cryptocurrency exchange, will reportedly list the new cryptocurrency.

The director of Kuknos, the blockchain company taking care of the technical aspects, said that the new crypto asset is a way to tokenize assets and excess properties of the banks.

A billion PayMon tokens will be initially released, according to the article.

As Cointelegraph recently reported, Iran is allegedly negotiating with Switzerland, South Africa, France, the United Kingdom, Russia, Austria, Germany and Bosnia to carry out financial transactions in cryptocurrency.

Recently, rumors spread that Iran could unveil its state-backed cryptocurrency at the Electronic Banking and Payment Systems conference that took place last week in Tehran, but the announcement has not been made as of press time. In July 2018, it was reported that the country confirmed that it will create its own state-issued cryptocurrency to circumvent United Statessanctions.

At the end of this January, Iranian lawmakers noted that they would seek to introduce legislation to block the use of crypto for payments inside the country and keep citizens from having significant holdings.

In December last year, Cointelegraph reported that Alireza Daliri, deputy for management development and resources at the vice presidency for science and technology, said that blockchaincan help improve the country’s national economy.

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Full article at link.

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Last person that tried that was Ghadaffi with a gold based currency, and the US flat out executed him. Im not saying he wasnt a dictator or had some very serious issues / crimes, but his biggest crime was trying to compete with the US Dollar.

This is a WAR TRIGGER.

[Swordsmyth]

Let me know when people are able to actually redeem large amounts of gold in exchange for it.

Until then I won't believe it is anything more than a scam.

[DamianTV]

True. And for those who dont remember history, it was ILLEGAL for US Citizens to OWN GOLD here as well. And that did not happen until the Federal Reserve / IRS were created.

[Brian4Liberty]

The bombs will fall if this really happens. Maybe Trump will appoint someone new to be in charge of Iran policy. Maybe Wolfowitz or Perle are available?

[devil21]

The bombs will fall if this really happens. Maybe Trump will appoint someone new to be in charge of Iran policy. Maybe Wolfowitz or Perle are available?

It is curious because on one hand if Iran is cozying up to the Swiss (BIS) bankers with a gold-backed crypto then Iran may be in the clear and not a war target, after all. On the other hand, history shows that the Swiss (BIS) bankers fund both sides of every war so Iran opening up monetary lines to the BIS would be a required pre-war action. Hard to say which direction it is going, but gold-backed crypto has already been decided as the next iteration of imaginary "money".

[Occam's Banana]

The bombs will fall if this really happens. Maybe Trump will appoint someone new to be in charge of Iran policy. Maybe Wolfowitz or Perle are available?

Or perhaps Elliott Abrams will be finished dealing with Venezuela by then.

After all, Abrams has real-world experience in dealing with Iran ...

[Zippyjuan]

True. And for those who dont remember history, it was ILLEGAL for US Citizens to OWN GOLD here as well. And that did not happen until the Federal Reserve / IRS were created.

IRS/ Federal Reserve both founded in 1913. FDR halted private gold ownership in 1933.

[devil21]

IRS/ Federal Reserve both founded in 1913. FDR halted private gold ownership in 1933.

And? The Fed/IRS/16th Amendment were all created in 1913. 20 years later was EO 6102. Interestingly, that is roughly the length of time it took for the original shareholders of the Fed to recoup their original investment, at the statutory 6% annual dividend.

"Until" does not mean at the same time in the context of DamianTV's post. It means one came before the other.

[Stratovarious]

I heard that Rouhani was gassing villages.....we better get over there quick.

[Zippyjuan]

And? The Fed/IRS/16th Amendment were all created in 1913. 20 years later was EO 6102. Interestingly, that is roughly the length of time it took for the original shareholders of the Fed to recoup their original investment, at the statutory 6% annual dividend.

"Until" does not mean at the same time in the context of DamianTV's post. It means one came before the other.

The shares are not ownership but a membership fee- a requirement to join. To become a member of the Federal Reserve System a bank is required to put up ten percent of their total capital as a "fee" to have access to the services the Fed provides. The shares have no voting powers and cannot be bought or sold. They are not "ownership" either. Yes, they do get a dividend of six percent a year and would effectively "get back" their money in almost 17 years.

[oyarde]

How much gold could the Persians really have ?

[oyarde]

I mean , that place is a $#@!hole , the government owns everything .......

[Swordsmyth]

How much gold could the Persians really have ?

I mean , that place is a $#@!hole , the government owns everything .......

Iran arrests ‘Sultan of Coins’ suspected of hoarding gold

[oyarde]

Iranian gold back cypto is just some persian sister $#@! sideways scam for certain . It would be like Danke having a virgin maiden backed currency . LOL . Suckers .

[oyarde]

Revolutionary Guard , Quds backed crypto from the marxist economy . That $#@! is hilarious . Good luck getting yer money back from them.

[devil21]

The shares are not ownership but a membership fee- a requirement to join. To become a member of the Federal Reserve System a bank is required to put up ten percent of their total capital as a "fee" to have access to the services the Fed provides. The shares have no voting powers and cannot be bought or sold. They are not "ownership" either. Yes, they do get a dividend of six percent a year and would effectively "get back" their money in almost 17 years.

Thanks for posting info that has nothing to do with either mine or DamienTV's posts.