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

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. Tags in this story crypto rial, Iran, iran cbdc, iran central bank digital currency, iran crypto rial, iran digital currency

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

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. JPMorgan CEO Jamie Dimon Tells Congress Crypto Tokens Like Bitcoin Are "Decentralized Ponzi Schemes" FEATURED | 9 hours ago Bitcoin-Embracing El Salvador President"s Re-Election Declaration Slammed FEATURED | 3 days ago

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