Iran to Unveil a Central Bank Authorized Gold-Backed Cryptocurrency

An official from Iran’s Chamber of Commerce, Industries, Mines, and Agriculture has recently claimed the country is soon set to unveil a gold-backed cryptocurrency that’ll be mined under the central bank’s permission.

The official Shahab Javanmardi, claimed that the cryptocurrency will be mined through an agreement between the Central Bank of Iran and a consortium of private IT firms in the country. Javanmardi was quoted as saying:

The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals. The domestically encrypted money is to ease optimal use of Iranian banks’ frozen resources.

The official urged, according to local news outlet Mehr, the government to regularize the country’s cryptocurrency mining industry. The country, as covered, has been cracking down on cryptocurrency mining over the past few weeks.

In late June authorities in the country seized 1,000 bitcoin mining rigs claiming they were disrupting the electrical grid, and earlier this month a Central Bank of Iran official announced “all cryptocurrency-related activities are forbidden in Iran,” the news outlet claimed.

Earlier this year, it was revealed four Iranian banks were working with a company called Ghoghnoos to produce a cryptocurrency-based payment system. The cryptocurrency, called ‘PayMon’ is a gold-backed token based on the Stellar Lumens (XLM) network.

The cryptocurrency’s goal, according to an interview the founder of Iranian blockchain company ArzDigital did with Sputnik, is to provide a way for the country to trade around U.S.-sponsored sanctions, which have been increasing under President Trump’s administration.

The company’s founder, Hamid Reza Shaabani, added at the time details weren’t yet clear, but PayMon would be mostly traded by “special exchange offices” and that “token holders can receive gold, but the details are not clear yet.”

Derivatives Trading Platform Synthetix (SNX) Is up Over 5,000% Since 2019

Michael LaVere
  • Derivatives trading platform Synthetix is the best performing DeFi product since April 2019.
  • Synthetix's native token SNX has appreciated more than 5000 percent over the last two years. 

The little-known crypto-asset Synthetix (SNX) is the best performing decentralized finance (DeFi) project of the past two years. 

According to a tweet published by popular crypto analyst Alex Saunders, SNX has been the best performing DeFi asset since April 2019. Saunders claims that Synthetix has appreciated 5000% over the past two years and was one of the top two ETH-based projects he has been following since Edcon Sydney 2019. 

SNX’s price took off in June, from $0.79 at the start of the month to its current trading price of $2.73, representing a 245% increase. 

Synthetix is a derivatives trading platform built on the ethereum blockchain that allows users to trade on stocks, crypto and other commodities. Users are required to exchange bitcoin or ethereum for SNX tokens in order to participate in trading. 

The exchange’s native token can be locked as collateral to produce “synths” such as a synthetic U.S. dollar (sUSD), which in turn can be used to place bets on rising and falling asset prices. 

Synthetix also operates a reward program, where users of the exchange can stake their SNX tokens as collateral in order to receive additional benefits.

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