• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Ledger CTO Warns Of Crypto Clipper Malware Following Major NPM Breach
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Ledger CTO Warns Of Crypto Clipper Malware Following Major NPM Breach
shitcoin

Iran’s ‘Cryptocurrency’ Has All the Traits of a Classic Sh*tcoin

Christina Comben
by Christina Comben
6 years ago
·
Posted in News, Altcoins, News teaser, Op-Ed
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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 founders of Ghoghnoos.

When asked why cryptocurrency is so important for Iran, Shaabani waxed lyrical about the nation’s excellent geographical position, the people’s interest, and, of course, the fact that:

Bypassing economic sanctions is one of those cases that cannot be ignored.

Using Cryptocurrency to Bypass U.S. Sanctions

Iran has already been in talks about the possibility of a workaround for U.S. sanctions with several trading partners. These include England, France, Germany, Switzerland, and Russia, among others.

iran irancoin cryptocurrency

However, since France and England are little more than the USA’s lapdogs, it seems extremely unlikely that Iran’s PayMon will find a taker. It’s highly doubtful that even Germany would accept a crypto rial after they bowed to U.S. pressure back in July preventing Iran from withdrawing funds from German banks.

As Shaabani acknowledged, when it comes to acceptance:

it all depends on foreign legislative bodies.

Users of PayMon have to undergo KYC, which means that the ‘cryptocurrency’ itself is centralized. While it’s supposedly backed by gold, just like Venezuela’s Petro is supposedly backed by oil, one must still trust that the said gold bars are actually there.

What Happened to Petro Gold?

In fact, Iran is not the first country to explore a cryptocurrency backed by gold. Venezuela was looking into the Petro Gold around this time last year, although progress on that seems to have halted.

It’s unlikely that Maduro will find many people to trust his oil or gold-backed currencies. In Iran’s case, though, the gold may actually be there since the country had been squirreling it away for months before the sanctions.

A few glaring issues remain, however. It’s not trustless. It’s not peer-to-peer, or even really cryptocurrency if the network has a few nodes operated by the government. So it’s doubtful that it will have any takers.

Is Iran’s ‘cryptocurrency’ capable of bypassing economic sanctions? Share your thoughts below!


Images courtesy of Shutterstock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christina Comben

Christina Comben

Follow

Full Profile

Related Posts

XRP

Is Real Estate About To Unlock XRP’s Next Sky-High Rally?

1 day ago
altcoins-prets-a-exploser-septembre-2025

3 altcoins prêts à exploser en septembre 2025

4 days ago
Ethereum

Ethereum Smart Contracts Become Latest Hiding Spot For Malware

4 days ago
solana-analyse-tendance-leviers-techniques

Solana en route vers les 300 $ : analyse de la tendance des leviers techniques

1 week ago
Sunswap Drives TRON DeFi Expansion With 16 Million Transactions

Sunswap Drives TRON DeFi Expansion With 16 Million Transactions

2 weeks ago
China Renaissance Buys $100M In BNB – Expands Crypto Partnerships

China Renaissance Buys $100M In BNB, Expands Crypto Partnerships

2 weeks ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    COME Mining cloud mining is becoming a new way to play with...

    9 hours ago
  • How ALL4 Mining Cloud Mining Unleashes XRP’s...

    9 hours ago
  • Domain Scams

    Scam Coinomize Domains: How to Spot and Stop Domain Scams

    11 hours ago
  • miner

    New hope for XRP holders: Switch strategies and earn $7,481...

    13 hours ago
  • miner

    ETF fever sweeps the market, BAY Miner cloud mining allows...

    14 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.