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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
Iran getting set to launch International Energy Bourse on Kish Island
Tehran Stock Exchange on bullish trend as ordinary
Iran’s government is reviewing regulations and permits for the launching of the International Energy Bourse (IEB) on Kish Island in the Persian Gulf, the Financial Tribune has reported, citing M orteza Bank, director of the Supreme Council for the Free Trade Zones of Iran.
Bank told reporters that an initial bylaw for the IEB was written in coordination with the Securities and Exchange Organisation and gained the approval of the High Council of Securities and Exchange. Afterwards, it was sent to the Central Bank of Iran (CBI).
The international exchange would have the ability and capacity to attract non-Iranian rial financial resources within a framework provided by Iranian authorities on the mainland, he reportedly added.
The IEB would be open to international investors as well as Iranian businesses looking to enter the energy sector via an investment, Bank also said. He hinted that the language of the IEB would be supervised in English at all levels in order to attract foreign investment.
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.
The IEB would follow the Iran Energy Exchange , which was relaunched for crude oil trading soon after the introduction of the sanctions.
The state’s National Iranian Oil Company (NIOC), which has offered crude on the exchange, first lowered its base price to $67.10 and then to $65.22, and finally to $64.97 per barrel as demand remained tepid in the first few days of trade. However, Iran’s oil ministry has claimed there has been a big improvement in the level of trading activity in the past month.
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.
31 IRAN Country Report April 2019 www.intellinews.com