Will Iran’s National Cryptocurrency meet the same fate as Petro?

The love-hate relationship of the Islamic Republic with the Cryptocurrencies has finally culminated in the creation of yet another national cryptocurrency — dubbed PayMon (covenant in Persian). The country has been crippled financially under the burden of the U.S led economic sanctions and it had been in the works to launch its own digital currency for the most part of 2018.

The initial popularity of the mainstream cryptos among the masses was replaced with a blanket ban by the government, only to realize later the potential of the technology to tackle the sanctions imposed on the country. Now the launch of PayMon follows the issuance of draft regulations for cryptocurrencies by the Iranian Central bank.

The new rules continue the ban on banks to deal with mainstream Cryptos but ICOs and cryptocurrency wallets have been given the green light along with a possible node for mining as well. Citizens can also hold limited amounts of mainstream Cryptos like Bitcoin.

Comparing PayMon & Petro

The experiment is pretty similar to the South American counterpart Venezuela where the…