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The Central Bank of Iran (CBI) has reportedly launched a pilot project for its central bank digital currency (CBDC), also known as the “crypto rial”. The Iranian Chamber of Commerce explained that “the crypto rial has been designed in such a way that it is easily traceable, and even if smartphone data is hacked, the crypto rial can be tracked.”

Launch of the “Crypto Rial” pilot today

The Central Bank of Iran (CBI) announced on Wednesday that it will begin “the pilot launch of the crypto rial” on Thursday, according Chamber of Commerce, Industry, Mines and Agriculture of Iran.

The Rial crypto refers to the digital currency of Iran’s Central Bank (CBDC). Iran’s central bank previously explained that “the purpose of designing the crypto rial is to turn banknotes into a programmable entity,” the Chamber described, noting that the crypto rial will be a digital version of the country’s national currency. .

The Chamber explained that one of the main characteristics of this central bank digital currency is “its high security”, specifying:

The crypto rial has been designed in such a way that it is easy to track, and even if smartphone data is hacked, the crypto rial can be tracked.

The Iranian government has recently approved a “comprehensive and detailed” regulatory framework for cryptocurrency. The authorities also resumed Licence crypto-miners in the new regulatory framework.

Earlier this month, Alireza Peymanpak, deputy minister of Iran’s Ministry of Industry, Mines and Trade and chairman of the country’s Trade Promotion Organization (TPO), said the first official import order was successfully placed with a cryptocurrency worth $10 million. “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 of Iran’s launch of a “crypto rial” pilot project? Let us know in the comments section below.

Kevin Helms

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

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