Last month, Iran lifted its ban on Bitcoin to make way for its ‘crypto rial’. Now Iranian authorities have launched PayMon cryptocurrency supposedly backed by national gold reserves. Except, it’s not really cryptocurrency after all since there’s nothing peer-to-peer about it and you still need to trust an intermediary (i.e. the Iranian government).
PayMon Has All the Traits of a Classic Shitcoin
Sputnik caught up with Iranian blockchain specialist Hamid Reza Shaabani, to find out about the features of PayMon and what its potential uses are. The specific details are pretty wooly but it does seem to smell a lot like a shitcoin. Shaabani said:
Much of the PayMon currency will enter the market and will be traded in special exchange offices. Some of it will be used for the development of hosts; and some of it will go to the…