The Central Bank of Iran (CBI) has announced that the pre-trial stage of the project to introduce a digital Iranian rial has been completed successfully. The authorities in Tehran plan to expand the use of the state-backed currency and integrate it into Iran’s payment system.
The project to issue a digital version of the Iranian national fiat, also referred to as the “crypto rial,” is entering its trial phase. Mohammad Reza Mani Yekta, the head of the payment systems supervision department of the CBI, revealed this week that the pre-trial stage has ended with certain achievements. He noted that more than 90 central banks are working on projects in the field of blockchain, and that Iran’s monetary authority made the initial steps in that direction in 2017.
The first release of the digital rial was carried out in September 2022, when the bank announced the beginning of the pilot launch of the CBDC. 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 CBI has also been considering the potential creation of a gold-backed stablecoin for use in international settlements. The topic has been discussed with officials from Moscow, according to reports in the Russian press earlier this year.
It remains to be seen how quickly the Iranian authorities will move to implement the crypto rial. The project has already made significant progress, and it is likely that the authorities will continue to push for its adoption in the near future. With the increasing popularity of digital currencies, the crypto rial could become an important part of Iran’s payment system.