Iran Begins Central Bank’s ‘Crypto Rial’ Digital Currency Pilot Project Today – Featured Bitcoin News

Iran Begins Central Bank’s ‘Crypto Rial’ Digital Currency Pilot Project Today – Featured Bitcoin News

The Central Bank of Iran (CBI) has reportedly started a pilot project for its central bank digital currency (CBDC), also known as “cryptoreal”. The Iranian Chamber of Commerce explained that “crypto rial is designed in a way that is easy to track, and even if data on smartphones is hacked, crypto rial can be traced.”

Pilot ‘Crypto Rial’ launched today

The Central Bank of Iran (CBI) announced on Wednesday that it will begin a “pilot launch of crypto-riyal” on Thursday. according to Iran Chamber of Commerce, Industry, Mining and Agriculture.

Cryptoreal refers to the Central Bank of Iran’s digital currency (CBDC). Iran’s central bank previously explained that “the goal of designing the crypto-real is to turn banknotes into a programmable entity,” the Chamber described, noting that the crypto-real would be a digital version of the country’s national currency.

The chamber explained that one of the main features of this central bank digital currency is “its high security”, elaborating:

Cryptoreal is designed in a way that is easy to track, and even if the data on smartphones is hacked, cryptoreal can be traced.

The Iranian government recently approved a “comprehensive and detailed” regulatory framework for cryptocurrencies. The authorities also continued to work licensing crypto miners under the new regulatory framework.

Earlier this month, Alireza Peymanpak, deputy minister of Iran’s Ministry of Industry, Mining and Trade and president of the Trade Promotion Organization (TPO) in Iran, said that the first official import order successfully placed with $10 million worth of cryptocurrency. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added.

What do you think about Iran starting a pilot project for “crypto rial”? Let us know in the comments section below.

Iran Begins Central Bank’s ‘Crypto Rial’ Digital Currency Pilot Project Today – Featured Bitcoin News

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.




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