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Iran Announces Gold Backed National Cryptocurrency

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The Tehran News agency has reported that Iran intends to launch a gold-backed cryptocurrency. This comes less than a week after President Trump slammed virtual currencies on Twitter amid tensions between the historic foes. The New agency reported the development on its English website.

Accordingly, the Central Bank of Iran (CBI) has approved the issuance of new cryptocurrencies. This is according to the CEO of Iranian Information and Communication Technology (ICT) FANAP, Shahab Javanmardi. 

Shahab described the measure as follows:

“Iran’s cryptocurrency will be supported by gold, but its function is similar to other cryptocurrencies. The crypto asset is ...

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