Crypto Rial
Crypto rial is a digital currency that was created by the Iranian government in April 2018. It is the first official cryptocurrency of any country and was created as an effort to combat economic sanctions imposed by other countries on Iran. The crypto rial has been issued through blockchain technology, which ensures its transparency, immutability and security against interference from outside actors or governments.
The crypto rial’s value is pegged to the Iranian fiat currency – the Iranian Rial (IRR). This means that one unit of Crypto Rials will always be worth exactly one IRR, eliminating exchange rate fluctuations between different currencies. As such, it can be used for international transactions with minimal fees and no risk of inflation due to global market volatility or political instability in Iran itself.
Unlike many other cryptocurrencies like Bitcoin or Ethereum, users cannot mine Crypto Rials; rather they must purchase them directly from authorized financial institutions located within Iran’s borders at predetermined prices set by its Central Bank – The Central Bank Of The Islamic Republic Of Iran (CBI). Transactions using this coin are faster than those involving traditional currencies since there are no third-party intermediaries involved when transferring funds between accounts on different networks across geographical boundaries. In addition, all transactions involving these coins take place over secure distributed ledger systems instead of relying solely on paper records held by banks or brokers.
This makes it possible for individuals to store their own wealth without having to rely upon centralized banking services subjecting them to local laws and regulations regarding foreign exchange control policies . Additionally , because data stored on distributed ledgers are immutable , users have greater assurance that their assets will not be affected if authorities decide unilaterally shut down domestic exchanges as had happened during periods of geopolitical turmoil previously .
