THELOGICALINDIAN - Last ages Iran aerial its ban on Bitcoin to accomplish way for its crypto rial Now Iranian authorities accept launched PayMon cryptocurrency allegedly backed by civic gold affluence Except its not absolutely cryptocurrency afterwards all back theres annihilation peertopeer about it and you still charge to assurance an agent ie the Iranian government
PayMon Has All the Traits of a Classic Shitcoin
Sputnik bent up with Iranian blockchain specialist Hamid Reza Shaabani, to acquisition out about the appearance of PayMon and what its abeyant uses are. The specific capacity are appealing featherlike but it does assume to aroma a lot like a shitcoin. Shaabani said:
When asked why cryptocurrency is so important for Iran, Shaabani waxed agreeable about the nation’s accomplished bounded position, the people’s interest, and, of course, the actuality that:
Using Cryptocurrency to Bypass U.S. Sanctions
Iran has already been in talks about the achievability of a workaround for U.S. sanctions with several trading partners. These accommodate England, France, Germany, Switzerland, and Russia, amid others.
However, aback France and England are little added than the USA’s lapdogs, it seems acutely absurd that Iran’s PayMon will acquisition a taker. It’s awful ambiguous that alike Germany would acquire a crypto rial after they angled to U.S. pressure aback in July preventing Iran from abandoning funds from German banks.
As Shaabani acknowledged, back it comes to acceptance:
Users of PayMon accept to abide KYC, which agency that the ‘cryptocurrency’ itself is centralized. While it’s allegedly backed by gold, aloof like Venezuela’s Petro is allegedly backed by oil, one charge still assurance that the said gold confined are absolutely there.
What Happened to Petro Gold?
In fact, Iran is not the aboriginal country to analyze a cryptocurrency backed by gold. Venezuela was attractive into the Petro Gold about this time aftermost year, although advance on that seems to accept halted.
It’s absurd that Maduro will acquisition abounding bodies to assurance his oil or gold-backed currencies. In Iran’s case, though, the gold may absolutely be there back the country had been squirreling it abroad for months afore the sanctions.
A few audacious issues remain, however. It’s not trustless. It’s not peer-to-peer, or alike absolutely cryptocurrency if the arrangement has a few nodes operated by the government. So it’s ambiguous that it will accept any takers.
Is Iran’s ‘cryptocurrency’ able of bypassing bread-and-butter sanctions? Share your thoughts below!
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