The Islamic Republic of Iran has reportedly launched a gold-backed cryptocurrency called “PayMon” – the Persian word for covenant – in cooperation with four local banks and the Ghoghnoos Company, in a move made following international sanctions, CryptoGlobe reported.

According to the Financial Tribune, the country has launched the gold-backed cryptocurrency in cooperation with the Parsian Bank, the Bank Pasargad, Bank Melli Iran, and Bank Mellat. An over-the-counter (OTC) cryptocurrency exchange called Iran Fara Bourse is also expected to adopt the cryptocurrency.

The news outlet quoted Valiollah Fatemi, director at Ghoghnoos, who revealed the PayMon was set to be used to tokenize the financial institutions’ assets and properties.