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.”

U.S. Marshals Issue Warning Over New Bitcoin Impersonation Scam

Michael LaVere
  • The US Marshals Service issued a warning over a new scam involving cryptocurrency.
  • "Spoofers" are impersonating government authorities over the phone and demanding payments in bitcoin. 

The United States Marshals Service, a federal law enforcement agency, and the Federal Bureau of Investigation (FBI) have issued a warning over bitcoin scammers pretending to be government employees. 

According to an update, “spoofers” are using government phone numbers and employee names in order to demand payments from unsuspecting victims in the form of crypto and bitcoin ATMs. 

The official notice warns of several “nationwide imposter scams” involving individuals claiming to be US marshals, court officers or other members of law enforcement and demanding the payment of a fine in the form of crypto. 

The report continues, 

During these calls, scammers attempt to collect a fine in lieu of arrest for failing to report for jury duty or other offenses. They then tell victims they can avoid arrest by purchasing a prepaid debit card such as a Green Dot card or gift card and read the card number over the phone to satisfy the fine or by depositing cash into bitcoin ATMs.

The U.S. Marshals Service is urging affected individuals to report the calls to their local FBI office and to file a consumer complaint with the Federal Trade Commission.

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