Iran Commences CBDC Pilot Dubbed ‘Crypto Rial’

Iran Commences CBDC Pilot Dubbed ‘Crypto Rial’
  • The digital money issued by the Central Bank of Iran is termed “crypto rial”.
  • Officials have also begun issuing crypto mining licenses.

On Wednesday, the CBI of Iran declared that on Thursday, “the pilot launch of crypto rial” will commence, as reported by the Iranian Chamber of Commerce, Industries, Mines, and Agriculture.

The digital money issued by the Central Bank of Iran is called “crypto rial”. The Iranian central bank has previously said, according to the Chamber’s description, that “the aim of designing the crypto rial is to turn banknotes into a programmable entity.” The Chamber of Commerce highlighted “its high security” regarding the digital money issued as a key selling point.

Exemplifying further, the Chamber stated:

“Crypto rial has been designed in a way that is easy to track, and even if the data on the smartphones are hacked, the crypto rial can be tracked.”

Iran Embraces Crypto

The crypto industry in Iran now has a “comprehensive and detailed” set of regulations thanks to recent official approval. As part of the new system, officials have begun issuing crypto mining licenses.

Vice Minister of Iran’s Ministry of Industry, Mine, and Trade and President of Iran’s Trade Promotion Organization (TPO) Alireza Peymanpak said earlier this month that the country’s first formal import order had been made using cryptocurrency valued at $10 million. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added.

According to the Chamber, the CBDC was created “to help improve financial inclusion and function as a powerful tool for the CBI to compete with other stable coins globally.” Moreover, the introduction of the crypto rial had been scheduled for the month of November. Furthermore, it went on to say that national experts were worried about the public’s familiarity with digital wallets. And the impact on banks if CBDCs were implemented.

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