The Central Bank of Iran (CBI) has reportedly launched a pilot for the Central Bank Digital Currency (CBCC), also known as “crypto rial”. The Iranian Chamber of Commerce stated that “Crypto-Rial is designed to be easy to track, and even if the data on the smartphones is hacked, the Crypto-Rial can be tracked.”
The ‘Crypto Real’ pilot starts today
The Central Bank of Iran (CBI) announced on Wednesday that it will launch a “Crypto-Rial Pilot Launch”, according to Iran’s Chamber of Commerce, Industries, Mines and Agriculture.
Crypto Rial refers to the Central Bank of Iran Digital Currency (CBDC). The Central Bank of Iran has previously stated that “the purpose of designing the crypto-riyal is to program banknotes,” the chamber said, adding that the crypto-riyal would be a digital version of the country’s national currency.
The council explained that one of the main features of this central bank digital currency is “high security”:
Crypto-real is designed in such a way that it is easy to trace, and even if the data on the smartphones is hacked, the crypto-real can be traced.
The Iranian government recently approved a “general and detailed” regulatory framework for cryptocurrency. Authorities continue to issue licenses to crypto miners under the new regulatory framework.
Earlier this month, Alireza Paymanpak, deputy minister of Iran’s Ministry of Industry, Mines and Trade and president of the country’s Trade Promotion Organization (TPO), successfully placed the first official import order worth $10 million in cryptocurrency. The official added, “By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”
What do you think about Iran’s “crypto rial” pilot? Let us know in the comments section below.
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