Iran Begins Central Bank Digital Currency ‘Crypto Rial’ Pilot Today

The Central Bank of Iran (CBI) has reportedly begun a pilot for its central bank digital currency (CBDC), also known as “crypto rial.” Iran’s chamber of commerce explained that the “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.”

‘Crypto Rial’ Pilot Launches Today

The Central Bank of Iran (CBI) announced Wednesday that it will begin “the pilot launch of crypto rial” on Thursday, according to Iran’s Chamber of Commerce, Industries, Mines and Agriculture.

Crypto rial refers to Iran’s central bank digital currency (CBDC). The Iranian central bank previously explained that “the aim of designing the crypto rial is to turn banknotes into a programmable entity,” the Chamber described, noting that the crypto rial 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 “its high security,” elaborating:

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’s government recently approved a “comprehensive and detailed” regulatory framework for cryptocurrency. The authorities have aso resumed licensing crypto miners under the new regulatory framework.

Earlier this month, Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine, and Trade and president of the country’s Trade Promotion Organization (TPO), said the first official import order was successfully placed with cryptocurrency worth $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.

What do you think about Iran beginning a pilot for “crypto rial”? Let us know in the comments section below.

Related Posts

US Treasury yields are soaring, but what does it mean for markets and crypto?

The 10-year U.S. Treasury yield recently hit its highest level in 12 years, but how might this impact investors’ sentiment toward stocks and cryptocurrencies? Across all tradeable…

SEC alleges fintech and ‘market maker’ firms manipulated crypto market in token scheme

Though the SEC has pursued many enforcement actions related to initial coin offerings, the regulator’s stance on airdrops’ role in alleged token schemes is unclear. The United…

ECB reports on digital euro validation, privacy one year into investigative phase

The ECB’s two-year investigative phase is halfway completed, with key use and policy issues clarified; more stakeholder engagement is planned before the decision is made to proceed….

Kazakhstan Completes First Crypto Purchase With Local Currency, Eyes Regulation: Report

President Tokayev said Kazakhstan will give full legal recognition to digital assets if demand persists while they continue testing security concerns. The first purchase of cryptocurrency with…

Diana Sinclair “Phases” NFT Collection To Drop On Christie’s 3.0

Diana Sinclair, the 18-year-old top NFT creator, kicks off Christie’s 3.0 with her first solo exhibit, Phases starting this week. On September 28, Christie’s launched its on-chain…

What Bear Market? A Single CryptoPunk NFT Just Sold For $4.5 Million

The NFT market has taken a good hit during the latest iteration of the crypto market bear run. But not all collections have lost favor in the…

Generated by Feedzy