The pre-trial stage of the project to introduce a digital Iranian rial has been successfully completed, the country’s central bank has announced. Tehran authorities plan to expand the use of the state-backed currency and integrate it into Iran’s payment system.
Iranian government prepares to test its digital currency
The project to issue a digital version of Iran’s national fiat, also known as “cryptorial,” is entering its testing phase, the head of the Central Bank of Iran’s (CBI) payment systems supervision department revealed this week.
quoted by the regulator’s Monetary and Banking Research Institute (MBRI), Mohammad Reza Mani Yekta said, without elaborating, that the pre-trial stage has ended with certain achievements. He was speaking during a conference dedicated to electronic banking and payment systems.
On Monday, the first day of the forum, Mani Yekta also noted that more than 90 central banks are working on projects in the field of blockchain. Iran’s monetary authority took the first steps in that direction, mainly in terms of technical measures, in 2017, he noted.
He recalled that the CBI has been addressing various issues, such as managing the economic challenges related to micropayments and studying various other aspects. He also remarked that the first launch of the digital rial took place in September 2022, when the bank announced the start of the CBDC pilot launch.
The issued currency was distributed among national and commercial banks that have the necessary infrastructure and are prepared to provide the relevant services to the public. “The rules that govern the digital rial are consistent with the rules for rial bills,” added the executive.
In addition to its digital currency, the Central Bank of Iran has been considering the possible creation of a gold-backed stablecoin for use in international agreements. The issue has been discussed with Moscow officials, according to Russian media reports earlier this year. Both nations are sanctioned by Western governments.
Do you think Iran will speed up the implementation of the crypto rial? Share your expectations in the comments section below.
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