Iran Begins Monetary Authority Digital currency ‘ Cryptocurrency Rial’ Pilot Today

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The Monetary Authority of Iran (CBI) has reportedly begun a pilot for its monetary authority digital  (CBDC), likewise known as “ rial.” Iran’s chamber of commerce stated that the “ cryptocurrency rial has been designed in a way that is easy to track, and even if the data on the are hacked, the cryptocurrency rial can be tracked.”

‘ Cryptocurrency Rial’ Pilot Launches Today

The Monetary Authority of Iran (CBI) announced Wednesday that it will begin “the pilot launch of cryptocurrency rial” on Thursday, according to Iran’s Chamber of Commerce, Industries, Mines and Agriculture.

Cryptocurrency rial refers to Iran’s monetary authority digital currency (CBDC). The monetary authority previously stated that “the aim of designing the cryptocurrency rial is to turn  banknotes into a entity,” the Chamber stated, noting that the cryptocurrency rial will be a digital version of the country’s national currency.

The Chamber stated that one of the main features of this monetary authority digital currency is “its high ,” elaborating:

Cryptocurrency rial has been designed in a way that is easy to track, and even if the data on the smartphones are hacked, the cryptocurrency rial can be tracked.

Iran’s government recently approved a “comprehensive and detailed” regulatory framework for digital currency. The authorities have aso resumed licensing cryptocurrency under the new regulatory framework.

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Earlier this month, Alireza Peymanpak, vice of Iran’s of Industry, Mine, and Trade and president of the country’s Trade Organization (TPO), stated the 1st official import order was successfully placed with digital currency worth $10 Million. “By the end of September, the use of digital currencies and smart contracts will be widespread in with countries,” the official added.

What are your  on Iran beginning a pilot for “ cryptocurrency rial”? Please share your thoughts in the comments section below.

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