RATE Group | Iran Punks Trump With Historic Gold-Backed Crypto Scheme
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Iran Punks Trump With Historic Gold-Backed Crypto Scheme

14 Jul Iran Punks Trump With Historic Gold-Backed Crypto Scheme

Posted at 21:09h in Cryptocurrency News by

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Days after President Trump slammed bitcoin and the very idea of crypto, geopolitical foe Iran revealed that it is ready to unveil its own gold-backed cryptocurrency.

Gold held in reserve by the Middle East country’s central bank will back the value of tokens on the blockchain of Iran’s new central bank “cryptocurrency” – which might be a generous term. The crypto will be mined by a small consortium of private Iranian tech companies.

The move could further complicate tensions between the oil-rich country and the United States. News of the major geopolitical and monetary development comes from a report from Mehr News.

According to the Tehran-based news agency’s English language website, the Central Bank of Iran (CBI) has given permission for the new crypto to be unveiled. Shahab Javanmardi, CEO of FANAP – an Iranian information and communications technology (ICT) firm – revealed:

“The Iranian cryptocurrency is backed by gold but its function is similar to…

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