Iran Aims to Launch Pilot Version of Crypto Rial Within 2 Months – Bitcoin News

The Tehran government is taking steps to prepare for the launch of Iran’s new digital currency, known as the crypto rial. The Islamic Republic’s monetary authority expects to start the pilot phase of the project within the next two months.

Crypto Rial Will Be Different From Cryptocurrencies, Says Central Bank

Iranian authorities are taking the necessary steps to launch a pilot of the crypto rial starting from the month of Shahrivar, according to the Persian calendar, which starts on August 23, Governor of the Central Bank of Iran (CBI) Ali told reporters. Salehabadi. Friday.

Quoted by the English-language Iran Front Page news portal, the top executive emphasized that Iran’s digital currency will be different from global decentralized cryptocurrencies. It is designed solely to “replace the bills that people currently own,” he noted.

Salehabadi further revealed that the pilot project will initially cover only one of the country’s regions. The crypto, which has been in development for some time, will eventually be introduced to other areas of the Islamic Republic, at an unspecified later stage.

The CBI announced in April that it is preparing for the upcoming launch of the central bank digital currency (CBDC), after informing Iranian banks and other credit institutions about the regulations that will accompany its introduction. They detail how it will be minted and distributed.

The monetary authority will be the sole issuer of the crypto rial and will determine its maximum offer. According to previous reports, the coin is based on a distributed ledger system that will be maintained by authorized financial institutions and capable of supporting smart contracts.

The new Iranian currency will be issued under the provisions governing the issuance of banknotes and coins and will be available exclusively for transactions within the country. The CBI will be responsible for monitoring the financial and economic impact of digital cash and ensuring that it does not negatively affect its monetary policies.

The central bank also insisted that the state-issued currency will play a role in establishing the presence of cryptocurrencies in the country, where payments with bitcoin and the like are not allowed. The announcement of its pilot phase comes as dozens of central banks around the world are considering or already developing their own CBDCs.

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CBDC, cbi, central bank, crypto, crypto rial, cryptocurrencies, cryptocurrency, digital currency, iran, iranian, pilot, pilot phase, pilot project

Do you think that Iran will be able to launch the pilot of the crypto rial in the next two months? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’s quote: “Being a writer is who I am, rather than what I do.” In addition to crypto, blockchain, and fintech, international politics and economics are two other sources of inspiration.

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