Iran Uses Crypto Startups For Its Blockchain Embrace

| Publish date: 02/15/2019
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Iran’s very own central bank is reportedly working with a pair of blockchain companies. Interestingly, these startups are believed to be developing what could be a framework for a new token ecosystem. Here is everything about it in a nutshell.

Developing the Framework

It holds true that a growing number of governments across the world have started launching isolated blockchain pilots. But in January this year, the Central Bank of Iran revealed its plans for a more detailed and comprehensive digital currency program. It was unveiled during the highly celebrated Tehran’s Electronic Banking and Payments conference.

While the new framework is yet to receive approval, a good number of Iranian sources suggest it is in the process of becoming law. The framework, in particular, is going to include restrictions meant for accepting and sending Bitcoin – the world’s leading cryptocurrency – payments. At the same time, it is expected to bring forth supportive measures intended for bank-issued cryptocurrencies.

According to the official report, the projects were successful in earning the backing of the central bank’s technology department called Informatics Services Corporation (ISC). Plus, private banks in Iran have decided to join the race and have even funded one of the aforementioned startups in a move that could result in the issuance of the country’s very first native cryptocurrency.

Iran’s First Native Crypto

One of these initiatives is called Kuknos protocol, which was created by a new Tehran-based organization called Kuknos Company. The latter, on the other hand, was funded alongside government approval by private banks. Even more, it was given permission to issue Paymon, the gold-backed token. There is also Borna, which is a complementary infrastructure project and is currently in development in the private-public relationship. What is more, the Central Bank of Iran is said to be funding it.

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An anonymous source said that the two companies are looking to modernize the country’s financial infrastructure. The first startup, which is Kuknos Company, was only recently founded and only had 20 employees at that time. Apparently, it has been receiving funding directly from a handful of private Iranian banks, including Bank Pasargard, Bank Melli Iran, Bank Mellat, and Parsian Bank, said Kuknos advisor named Soheil Nikzad.

The said adviser explained that the company is going to release Paymon and it is via a multi-stage token sale. The latter, in particular, will include a private sale directly to banks and, at the same time, public securities will also offer.

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