Iran punked bitcoin-bashing US President Donald Trump by unveiling a gold-backed cryptocurrency - just days after Trump slammed crypto.
Gold held in reserve by the Middle East country’s central bank will back the value of tokens on the blockchain of Iran’s new central bank “cryptocurrency” – which might be a generous term. The crypto will be mined by a small consortium of private Iranian tech companies.
The move could further complicate tensions between the oil-rich country and the United States. News of the major geopolitical and monetary development comes from a report from Mehr News.
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