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Central Bank of Iran – “Crypto-Rial”

Central Bank of Iran – “Crypto-Rial”

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On September 22nd Iranian Chamber of Commerce, The Central Bank of Iran (CBI) finalized plans to introduce a digital currency known as “Crypto-Rial”. The central bank uses Blockchain technology to convert Iranian Rial banknotes into cryptocurrencies.

By CBI Governor Ali Salehabadi“The bank has the infrastructure and rules of the crypto-rial. The cryptocurrency is designed to be a new national currency, like notes and coins, but completely digital.

One of the main advantages of the crypto-rial highlighted by the CBI is its high level of security in addition to increased usability.

Iran launches its digital currency “crypto-rial”

According to an announcement by the Iranian Chamber of Commerce, “encryption has been designed in such a way that it is easy to track and even if smartphone data is hacked, crypto-riyal can be tracked.”

CBI believes that crypto-rail will increase financial inclusion in the nation and act as a tool to improve the economy’s ability to compete with other stable currencies globally.

This latest development in Iran shows the country’s growing interest in cryptocurrencies and blockchain technology. In early 2022, the Iranian government approved the use of cryptocurrency for cross-border payments through the central bank’s cryptocurrency. The first cryptocurrency transaction settled a $10 million import contract on August 9.

Kryptorial has also been seen as a way to fight Iran’s spreading corruption. The central bank has promised to test the CBDC throughout the year, and the development of the crypto rial began in 2018.

According to Al Jazeera, the Borna platform was created using IBM’s open source distributed ledger technology platform Hyperledger Fabric, which is used by the CBDC.

According to the news agency, banks are changing paper rials to electronic ones. The central bank selects the banks participating in this process.Borna was launched in 2019 to help modernize Iran’s outdated banking system. According to Al Jazeera’s source, the Borna platform enables the provision of paid financial services, although it is not part of the current trial. .

Although using cryptocurrencies in Iran is illegal, Iranians began doing so in August to pay for imports, raising concerns among Iranian companies about the lack of cryptocurrency regulation. The Iran Blockchain Association has made similar requests in the past.

Read more about Cryptoshrypto:

Stellar adds new features for XLM and USDC transfer

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