The Central Bank of Iran (CBI) has reportedly started testing its Central Bank Digital Currency (CBDC), also known as the “crypto rial.” The Iranian Chamber of Commerce explained that “the encrypted riyal is designed in such a way that it is easy to trace, and even if the data on smartphones is compromised, the encrypted riyal can be traced.”
‘Crypto Rial’ pilot launched today
The Central Bank of Iran (CBI) announced on Wednesday that it will start the “trial launch of digital currencies for the rial” on Thursday, to me Iranian Chamber of Commerce, Industry, Mines and Agriculture.
Crypto rial refers to the digital currency of the Central Bank of Iran (CBDC). The Central Bank of Iran previously explained that “the aim of the crypto riyal design is to convert banknotes into a programmable entity,” as the chamber described, noting that the crypto riyal will be a digital version of the country’s national currency.
The Chamber explained that one of the main features of this central bank digital currency is “high security”, explaining:
The encrypted riyal is designed in such a way that it is easy to trace, and even if the data on the smartphones is compromised, the crypto-riyal can be traced.
The Iranian government recently approved a “comprehensive and detailed” regulatory framework for cryptocurrencies. Authorities have resumed licensing crypto miners under the new regulatory framework.
Earlier this month, Alireza Peymanpak, Iran’s deputy minister of industry, mining and trade and head of the country’s Trade Promotion Organization (TPO), said the first official import order with $10 million worth of cryptocurrency had been successfully completed. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added.
What do you think about Iran starting a pilot project for the ‘crypto rial’? Let us know in the comments section below.
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