Central Bank of Iran partners with 2 blockchain startups to develop a new token ecosystem

News reaching us indicate that the Iranian central bank has partnered with two blockchain startups to build the groundwork for a new token ecosystem. This is according to sources with knowledge of the matter.

Earlier this year, the Central bank of Iran revealed plans for a comprehensive crypto program during the Tehran’s Electronic Banking and Payments Conference.

The new token ecosystem will help modernize the nation’s financial infrastructure

Even though the framework that consists of restrictions on how to accept and send bitcoin payments including other supportive measures for bank-issued crypto coins has not yet been approved, the sources noted that the outline is in the process of becoming law.

Speaking to CoinDesk, the sources revealed that the project had earned the support of the Informatics Service Corporation (ISC) which is the technology arm of the central bank. Also, private banks based in the country have moved in to fund one of the startups in what could lead to the creation of a new token ecosystem that could see the launch of the first native Iranian crypto coin.

According to one anonymous source who works within the central bank the two startups will help modernize the country’s financial infrastructure.

One of the startups is Kuknos Company which was recently launched and has less than 20 employees according to Soheil Nikzad, an advisor at the firm. The startup is already receiving funding from private Iranian banks like Bank Melli Iran, Parsian Bank, Bank Mellat, and Bank Pasargad.

Nikzad added that the company would release the gold backed crypto coin – Paymon in a multi-stage token sale that will first include a private sale to banks and then to the public. The protocol from Kuknos will also include a system that will enable tokenizing of traditional assets like the real estate.

What’s your take on the central bank of Iran partnering with two startups to lay the groundwork for a new token ecosystem? Share your thoughts in the comment section below.