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Monday, March 27, 2023

Iran’s Crypto Rial Project Enters Trial Phase

Iran’s Crypto Rial Project Enters Trial Phase – The head of the payment systems supervision department at the Central Bank of Iran (CBI) recently announced that the project to introduce a digital rendition of the Iranian national fiat, also known as the “crypto rial,” is commencing its trial phase.

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During a conference focused on electronic banking and payment systems, Mohammad Reza Mani Yekta, as quoted by the Monetary and Banking Research Institute (MBRI) of the regulator, declared that the preliminary phase of the digital rendition of the Iranian national fiat, also known as the “crypto rial,” has been completed with specific accomplishments. 

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However, he did not provide any further details. During the forum’s inaugural day on Monday, Mani Yekta highlighted that over 90 central banks are currently developing blockchain-based initiatives. He also stated that Iran’s monetary authority took the initial steps towards this direction in 2017, primarily focusing on technical measures.

He emphasized that the Central Bank of Iran (CBI) has been tackling several concerns, such as managing economic obstacles linked to micropayments and examining different facets. He also commented that the initial issuance of the digital rial took place in September 2022, when the bank publicized the commencement of the pilot release of the central bank digital currency (CBDC).

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The issued currency was distributed among national and commercial banks which have the necessary infrastructure and are ready to provide relevant services to the public. “The rules governing the digital rial are consistent with the rules for rial banknotes,” the executive added.

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Along with exploring the possibility of launching its digital currency, the Central Bank of Iran has reportedly been exploring the development of a gold-backed stablecoin for utilization in international settlements. As per reports in the Russian press earlier this year, discussions concerning this topic have occurred between officials from Moscow and Iran. Both nations are sanctioned by Western governments.

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