According to Iran’s Chamber of Commerce, Industries, Mines, and Agriculture, the Central Bank of Iran (CBI) announced on Wednesday that it will begin “the pilot launch of crypto rial” on Thursday.
The digital currency of Iran’s central bank is known as the crypto rial (CBDC). According to the Chamber, the Iranian central bank previously stated that “the aim of designing the crypto rial is to turn banknotes into a programmable entity.” The crypto rial will be a digital version of the country’s national currency.
The Chamber outlined the main characteristics of this central bank digital currency as “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” cryptocurrency regulatory framework. Under the new regulatory framework, the authorities have also resumed licensing crypto miners.
Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine, and Trade and president of the country’s Trade Promotion Organization (TPO), announced earlier this month that the country’s first official import order was successfully placed with cryptocurrency worth $10 million. the official added,“By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.”