The number of Governments using Cryptocurrencies seems to be gathering pace, with the announcement that Iran has been in discussions with Austria, Bosnia, France, Germany, Russia, South Africa, and Switzerland. Iran is looking to launch a state-backed Cryptocurrency called Peyman, Persian for covenant. Four Iranian banks are involved, Bank Mellat, Bank Melli Iran, Bank Pasargad, and Parsian Bank. The over-the-counter exchange Iran Fara Bourse will offer the ability to trade the new currency. Initially, the Peyman will only be available for institutions, as Iran looks to accelerate the speed of banking transactions and facilitate payments globally as a way around US-led sanctions. Having been removed from SWIFT last year Iran has struggled to efficiently deal in global financial markets.
