Key Takeaways:
- Digital Rial Pilot Launch: Iran’s Central Bank will begin piloting the digital rial on June 21 on Kish Island, aiming to facilitate micropayments.
- Payment Efficiency: The digital rial will enable barcode payments without interbank settlement, enhancing transaction speed and security.
- Strategic Initiative: This move supports Iran’s digital economy, stabilizes payment systems, and promotes new payment tools while mitigating private money risks.
The Central Bank of Iran (CBI) is set to launch a pilot program for a national digital currency, the digital rial, starting on June 21.
This pilot will take place on Kish Island, a popular tourist destination and free trade zone.
The Central Bank of Iran (CBI) has officially announced the public pilot launch of the digital rial, CBDC, on the Kish tourist Island.#Iran #CBDC #Sanctionshttps://t.co/5lFspzgV97
— Cryptonews.com (@cryptonews) June 19, 2024
The digital rial aims to facilitate domestic micropayments, allowing users to pay for goods and services by scanning a barcode without requiring interbank settlement, making transactions faster and more secure than traditional methods.
The initiative is part of Iran’s broader strategy to enhance its digital economy and payment infrastructure.
🇮🇷WOULD YOU TRUST IRAN’S CB CRYPTO CURRENCY?
— Mario Nawfal (@MarioNawfal) June 19, 2024
The Central Bank of Iran (CBI) announced the launch of a pilot scheme for their CBDC, the Digital Rial, on the island of Kish.
The new rollout will expand its digital rial pilot program, which started in 2023.Â
CBI:
“Unlike other… pic.twitter.com/EV4xARRYn1
The digital rial is designed to increase resilience and stability in the country’s payment systems, support small transactions, and develop new payment tools while managing risks associated with private money.
Although Iran allows the buying and selling of cryptocurrencies, it prohibits their use for payments.
#Iran's Central Bank (#CBI) announced a pilot for its central bank digital currency (#CBDC), the digital rial, starting on June 21 on #Kish Island.
— TOBTC (@_TOBTC) June 19, 2024
Unlike traditional electronic money, the digital rial facilitates instant fund transfers without interbank settlement and aims to… pic.twitter.com/RzB0lJfPpM
The country has regulated local cryptocurrency mining since 2018.
There are concerns among U.S. senators that Iran might use cryptocurrency mining to circumvent U.S. sanctions.
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