Concern about CIB’s Rial Crypto Agenda

Concern about CIB’s Rial Crypto Agenda


While the Central Bank of Iran plans to pilot its long-awaited Central Bank Digital Currency (CBDC) project, the rial digital currency, by November, experts expressed strong reservations about the practical application of this step and its expected positive impact on the economy.
According to Ali Salahabadi, head of the Central Bank of Iraq, the bank has the infrastructure and rules for cryptocurrency in riyals. Cryptocurrency was planned as a new type of national currency, like banknotes and coins, but it is completely digital.
Based on what is known about the CBI crypto agenda, the digital currency is not designed to compete with global cryptocurrencies. Unlike bitcoin and other cryptocurrencies, digital central bank currencies are centralized, not anonymous and in compliance with anti-money laundering requirements.

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