Iran’s new gold-backed cryptocurrency “PayMon” will be technically based on the Stellar Lumens (XLM) network(which is an open-source codebase), and will trade in “special exchange offices.” These details emerged during a Sputnik interviewwith Hamid Reza Shaabani, founder of Iranian blockchain company ArzDigital.
As CryptoGlobe reportedearlier this month, a company called Ghoghnoos (ققنوس– “phoenix” or “gryphon”in Persian) and four national banks are cooperating with Iranian authorities to produce the PayMon system.
The principal aim of PayMon is to provide a way for Iran to trade around US-sponsored sanctions, which have been increasingunder Donald Trump’s push to scuttle (and renegotiate) the Obama-era “Iran deal.”
Commenting on the potential fulfilment of gold for tokens, Shaabani said that the “contract with [Ghoghnoos] stipulates that token holders can receive gold, but the details are not clear yet.” He also said that the crypto will be mostly traded by “special exchange offices,” adding that “It’s likely that currencies will be traded in major international currency exchange points.”
Golden Ticket
Iran has been seeking to increase its internalmining production of gold and other precious metals such as copper, in the wake of sanctions which partially targeted these items. Gold has been used in past years to get around sanctions, specifically those that predated the Iran Deal. Gold has helped Iran funnel billions of dollars around sanctions, via Turkeyand Turkish nationals.
It is little wonder then that the Central Asian country has eventually thawedto the idea of a cryptocurrency, which is capable of transferring value with uncensorable impunity depending on how it is designed.
Iran joins the Venezuelangovernment among countries to adopt a state-backed crypto, with Russiaalso playing with the idea – all for the same general purpose of skirting US-backed sanctions.
Also in the realm of centralized, non-public stablecoins, the JPMorgan Chase mega-bank launchedits own a few days ago. The coin will not be widely available, with only entities vetted by the bank having access to the private crypto.
Details Emerge on Irans XLM-Based Gold-Backed Cryptocurrency
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Yes, Stellar is a good investment option for the long term, as its stout fundamentals could eventually drive the price. The XLM price is expected to hit a maximum of $0.186 by the end of 2024.
Stellar was created in 2014 by business partners Jed McCaleb and Joyce Kim. McCaleb was the founder of crypto exchange Mt. Gox and co-founder of the payment protocol Ripple, which he left due to conflicts about the future of the project.
In 2019, Stellar burned, or removed, more than 50 percent of its supply, slashing its total supply cap to 50 billion. Prices jumped by more than 14% within an hour of the announcement, as the remaining tokens in circulation became scarcer. XLM's price hit an all-time high of $0.86 during the 2017 crypto bull run.
For XLM to reach that level its market cap have to be $243 billion which is impossible. To put this in perspective, this was Ethereum's market cap back in January 2021 and Stellar is not even a top 20 crypto. Stellar's market cap is $8.2 billion and its supply is 24.3 billion.
Emerging from the shadows of his Ripple exit, Jed McCaleb founded the Stellar Development Foundation, a non-profit organization, in 2014 alongside co-founder Joyce Kim.
It's backed by the government that issues it. The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government rather than the worth of a commodity backing it.
Our real-time XLM to USD price update shows the current Stellar price as $0.105014 USD. Our most recent Stellar price forecast indicates that its value will increase by 6.93% and reach $0.112292 by August 02, 2024.
Our XLM price prediction 2029 shows that the token is expected to reach a maximum price of $1.25 at that time. Our projections state that the price of XLM will fluctuate between a low of $1.06 and an average of $1.10 for the entire year.
Stellar's cryptocurrency, the Stellar Lumen (XLM), powers the Stellar payment network. As a cross-border transfer and payment system that connects financial entities, Stellar aims to unite the world's financial infrastructure, connecting banks, payment systems, and individuals with near-instant and secure transfers.
Our real-time XLM to USD price update shows the current Stellar price as $0.09787 USD. Our most recent Stellar price forecast indicates that its value will increase by 1.59% and reach $0.099424 by August 04, 2024.
Yes Stellar Lumens coin can hit $20 and $50 target. But till now the price of the coin has not even reached $1. The $20 target is still a long way off. But the popularity of Stellar coin is increasing every day.
Answer: XLM is expected to reach a price of $5 by 2027. Token supply has been a huge limiting factor to its bullish trends. For instance, with a 30 billion circulating supply, it would have to attain a $120 billion+ valuation to attain the price of $5.
That would mean Stellar is worth 80-90 billion. That's the range where Tether is now. So at $2, that means you would need 500,000 XLM. Or in the upper end of our range, you would need 333,000 XLM to become a Stellar Lumens millionaire.
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