Test version of Iran’s CBDC and Crypto Rial to be launched

  • Iran’s test version of Iran’s CBDC and the crypto rial is about to be released by the Tehran government.
  • According to the Islamic Republic’s monetary administration, the testing stage will begin within the next two months.

For the Persian calendar month of Shahrivar, which begins on August 23rd, the Iranian government is putting the finishing touches on a test version of Iran’s CBDC and Crypto Rial to be launched, according to CBI Governor Ali Salehabadi.

Test version of Iran’s CBDC

In the beginning, Salehabadi said, the project would only focus on one part of the country: the northeast. The long-awaited crypto rial will be implemented in other parts of the Islamic Republic at a later date that has not yet been announced.

“The notes that the public currently owns at this time will be replaced by Iran’s digital currency,” the country’s supreme leader said in a statement. The English-language Iran Front Page news portal caught this in a report.

In April, the Central Bank of Iran (CBI) announced that it was getting ready for the imminent launch of the Test version of Iran’s CBDC, which is a digital currency that will be distributed and issued.

CBI Regulations

It is also worth noting that the new Iranian currency will be minted in accordance with regulations that govern the issuance of currency notes and coins. Digital money will be monitored by the CBI to ensure that it does not have a negative impact on the CBI’s financial policies, and the CBI will be in charge of monitoring these effects.

It will be up to the monetary authority, as the sole issuer, to decide how many crypto rials are available at a given time. A distributed ledger that supports smart contracts, according to initial reports, would be maintained by accredited financial institutions for the coin.

Since it is currently illegal to make payments with bitcoin and other cryptocurrencies, the central bank expects that the government coin will aid in the adoption of cryptocurrencies in the country.

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