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Iranian crypto rial project enters testing phase – Finance

The pilot phase of the project to launch a digital Iranian rial has been successfully completed, the country’s central bank said. Authorities in Tehran plan to expand the use of the state-backed currency and integrate it into Iran’s payment system.

The Iranian government is preparing to test its digital currency

The project to issue a digital version of Iran’s national fiat, also known as “crypto-rial,” is entering its testing phase, the head of the Payment Systems Oversight Department of the Central Bank of Iran (CBI) announced this week.

Quoted by the regulator’s Monetary and Banking Research Institute (MBRI), Mohammad Reza Mani Yekta said without elaborating that the pre-trial phase has been completed with certain achievements. He was speaking during a conference focused on electronic banking and payment systems.

On Monday, the first day of the forum, Mani Yekta also noted that more than 90 central banks are involved in projects in the area Blockchain work. The Monetary Authority of Iran took the first steps in this direction in 2017, mainly in terms of technical measures, he stressed.

He recalled that the CBI has been dealing with various issues such as addressing economic challenges related to micropayments and studying various other aspects. He also noted that the first release of the digital rial was in September 2022, when the bank announced the start of the CBDC pilot.

The issued currency was distributed to national and commercial banks that have the necessary infrastructure and are willing to offer related services to the public. “The rules for the digital rial are consistent with the rules for rial banknotes,” the executive added.

Alongside its digital currency, the Central Bank of Iran has the potential creation of a gold-backed one stablecoin being considered for use in international settlements. According to reports in the Russian press earlier this year, the issue was discussed with officials from Moscow. Both nations are sanctioned by western governments.

Do you think Iran will speed up the implementation of the crypto rial? Share your expectations in the comments section below.

Iranian crypto rial project enters testing phase – Finance, Crypto Trading News

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Along with crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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