The digital currency landscape continues to evolve and governments are constantly trying to catch up. The United States had sanctioned Iran on May 2, 2019 those sanctions expired for those importing Iranian oil and now leaves room for Iran to find their way past these barriers.  The Central Bank in Iran had put a ban on cryptocurrency as a form of payment within the Islamic republic but in January 2019 the ban was lifted, this announcement was made after the two-day annual Electronic Banking and Payment Systems conference in Tehran entitled “blockchain revolution”.   Although there are restrictions on the cryptocurrency and legally recognize global digital ledgers.

Iran had also announced their plan to develop a national currency backed by Iran’s gold reserve. The tokens are called “PayMon” and have been set to be traded on Iran Fara Bourse.  

Although other countries such as Venezuela had their oil backed tokens it seems as though Iran has more leverage to its digital currency. In a trilateral cooperation agreement Russia and Armenia have joined Iran strengthening the nation’s ties with China and other European countries.

 

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