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for Peyman. Those behind it intend to use the existing resources and excess properties of the supporting banks to raise funds for the currency through token creation.
Valiollah Fatemi, a director of Ghoghnoos, told Iranian media outlets: “The token can function as a wallet and channel [banks’] excess properties into sellable tokens.”
According to the company, one billion units of Peyman will be released by the participating banks and financial technology group TOSAN.
The timing of the announcement of the Peyman cryptocurrency debut came a little less than 24 hours after the Iranian government removed restrictions on trading digital money.
On January 29, an initial 13-page draft on regulating the use of cryptocurrencies in Iran was released by the country’s central bank . The draft reportedly suggests heavy oversight should be exercised by the Central Bank of Iran (CBI) while the market develops. “Version 0.0”, as the drafted rules have been dubbed, is meant to bring clarity to the utilisation of the global digital payment method and “allow traders to plan for their future”.
After initially banning the use of cryptocurrencies such as Bitcoin, the CBI now recognises the digital payment method as legitimate. It is also laying the groundwork for a future Iranian digital currency that it intends to launch.
8.4 Stock market
IRENEX to host first condensate offering of new Persian year
Tehran Stock Exchange on bullish trend
Iran’s IRENEX energy exchange is set to launch its first gas condensate offering of the new Persian year with each barrel priced at $67.85, SHANA has reported.
The offering will be the second attempted energy sale in the 2019/2020 Persian year (started March 20) at IRENEX. The first, for Iranian crude oil, failed to interest buyers leading observers to speculate that prices should be lowered to bring in local and foreign third-party players.
According to a National Iranian Oil Company (NIOC) press release, one million barrels of condensate will be sold in standard amounts of 35,000-barrel cargoes. Buyers are to receive their consignment within a four-month period from the date of sale.
At the attempted oil sale, despite the NIOC offering to ship the crude via land along a northern route out of the country through Tabriz, which connects Iran to Azerbaijan, Armenia and Turkey, buyers still opted not to take part. Buyers can also receive purchases via the southern island of Kharg.
On the southern island of Kish, the Iranian government has opened the Iran Energy Bourse. It also sells oil on the international market.
Iran has pushed for more people to enter its energy market since the US introduced heavy sanctions against the country’s oil, gas, petrochemical and other energy sector industries in early November last year.
Tehran Stock Exchange on the bullish trend as ordinary investors struggle to find investment options amid economic difficulties.
The local TEDPIX, the all-star index on the Tehran Stock Exchange (TSE), was up 550.33 points (0.35%) to reach 156,705.3 by close of trade in the Iranian capital on February 17.
Gold sovereign coins are also following the bullish trend down on Ferdowsi
31 IRAN Country Report May 2019 www.intellinews.com