CRYPTOCURRENCY makers have cooked up an outrageous plan they think will make selling sex legal.
And the idea to give prostitution the green light online comes amid a dirty coin surge.
Lust, a new initial coin offering (ICO) developed in the USA, that will launch globally this month, claims it will be able to circumvent laws around prostitution.
It is being launched with the intention of allowing people to pay for prostitutes without using traditional cash – and creators already say they have raised a whopping proportion of their $1m target.
Decentralized marketplace
They are targeting those who pay for liaisons in the latest crazy scheme to flood the unregulated market which is drawing comparisons with the wild west.
Makers of the coin aim to create a “decentralized sex marketplace” using crypto to hook up punters with prostitutes instead of hard cash.
The project says: “One of the principal ideas of our project is to take out middlemen or any third party from the sex industry and ensure that control is shifted back in the hands of people who earn from and pay for it.
“We aim to eradicate the undesirable effects for all parties involved.
“Cause everybody needs sex, we created this vital tool to provide unstoppable reasonable services to anyone and anywhere in this world.”
The coin makers are betting on the fact that anonymous crypto transactions will allow users to pay for nookie without the use of traditional funds – which they claim will not make buying illegal.
However it’s likely that anyone selling their bodies on the site could well be on dodgy legal ground the law if cryptocurrency is converted into fiat funds like pounds, dollars and euros.
In 2008, five women were arrested in Forth Wright, Kentucky, for selling intercourse in exchange for $100 in petrol cards in a bartering deal that was busted by cops.
Sex industry is worth $186bn
Coinmakers claim the annual revenue generated by the sex industry worldwide is approximately USD $186 billion which is 46 per cent of the total market capitalisation of the crypto market.
Set to launch this month, Lust coin claims that their clients will be able to offer photos, their online identities and enter into contracts where transactions will be made using a hot wallet.
The firm has big plans to roll the service out around the world to target 5 million people with the aim of becoming the “number one brand in the sex market.”
The move is just part of a massive surge in crypto sex projects that allow users to watch live sex shows and perform a variety of other pornographic transactions.
Sexual coin offerings on the rise
Broker Scott Ryder says the interest in crypto sex coins has been huge.
He told Cointext.com: “There’s a number of coins that have entered the running which are solely focused on the sex industry.
“Mostly people are interested in the best known coins, but that said we’ve had some interest in sex related projects, there seems to be a market out there for it.
“Some wallets have age restrictions but others are completely free of rules.
“It’s definitely recommended that people check what they are buying into and perform due diligence.
“The market is highly volatile and it’s best to do your homework and take proper advice on what you’re investing in.”
At least 40 sex websites on the internet are already taking payments in cryptocurrency for access to services that include pornography and live sex.