A digital currency called “Crypto-Rial” uses blockchain technology to turn Iranian rial banknotes into virtual currency.
The CBI Governor previously said:
“Banks are putting the infrastructure and rules in place for Crypto-Rial. Cryptocurrencies are planned as a new type of national currency, like banknotes and coins, but fully digital.”
According to the CBI, the Crypto Rial will help improve domestic financial inclusion and act as a tool to help economies compete with other stable currencies globally.
CBI explained that Crypto-Rial is designed to optimize top-level security. In the event of an attack by a malicious person, the assets held in your smartphone wallet can be traced.
Iran to support cryptocurrencies
In early 2022, Iran allowed businesses to settle cross-border payments using cryptocurrencies through the central bank’s crypto platform.
Iran has hardened its stance on cryptocurrencies after completing its first foreign trade deal of $10 million worth of imports using cryptocurrencies on August 9.
Mines and Trade Minister Reza Fatemi Amin said on Aug. 29 that the law allows domestic companies to use cryptocurrencies to complete import trade transactions.
The post that Iran will launch its CBDC on Sept. 22 first appeared on CryptoSlate.