Kofi Mensah The trial stage of the project to introduce a digital version of the Iranian rial is now complete, according to Iran’s central bank. The government in Tehran wants to use the official currency more and add it into the payment system.
Central Bank of Iran Launches Cryptocurrency Trial for Digital Rial
The Central Bank of Iran (CBI) is currently starting testing for their project to create a digital version of the Iranian currency, often called the “crypto rial”. This was announced this week by the leader of payment systems supervision department of CBI.
Mohammad Reza Mani Yekta said that the work done before the trial was over, which achieved some good results. He shared this while talking at a meeting focused on online banking and payment systems.
On Monday, Mani Yekta said that a lot of central banks are doing projects related to blockchain. Iran’s monetary authority began to do things using blockchain technology in 2017.
He said that the CBI (Central Bank of Iran) was looking into many different things like how to take care of small payments and other things. He also announced that in September 2022, they would launch a special digital currency called the CBDC.
The new money was given out to banks that have the equipment and systems they need to offer services to people. “The regulations for using this digital form of rial are the same as using cash,” said one authority figure.
The Central Bank of Iran has been trying to make a special kind of currency called a “stablecoin.” This type of money would be backed by gold and used in international transactions. Iran has also been talking about this plan with Russian authorities. Both countries are not allowed to do certain things because of restrictions from other governments.
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