trial phase, the CBI governor Abdolnaser Hemmati tweeted that the digital rial will be tested in a payment system that connects several banks and financial institutions. The pilot project will be conducted in a closed environment and will not involve the general public.
The Iranian government has been working on the digital currency project for several years, with the aim of reducing the country’s reliance on the US dollar and circumventing US sanctions. The crypto rial is expected to facilitate international trade and financial transactions, as well as domestic payments.
The digital currency will be issued and backed by the CBI, and will be based on blockchain technology. The CBI has previously stated that the crypto rial will be designed to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.
The launch of the digital rial comes at a time when Iran is facing increasing economic pressure from US sanctions, which have severely impacted the country’s oil exports and access to international financial markets. The Iranian government has been exploring various options to mitigate the impact of the sanctions, including the use of cryptocurrencies and blockchain technology.
The trial phase of the digital rial project is expected to last for several months, during which the CBI will evaluate the performance and security of the system. If successful, the crypto rial could be rolled out to the general public in the near future, marking a significant milestone in Iran’s efforts to develop its own digital currency.
