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Iran To Begin Pilot Launch Of Crypto-Rial
Central Bank of Iran (CBI) said on Wednesday that it will begin the pilot launch of crypto-rial as the bank’s digital currency as of Thursday.
Himanshu S.
11:29 21st Sep, 2022
Adoption

The CBI has said that the aim of designing the crypto-rial is to turn banknotes into a programmable entity.

One of the main features of this digital currency is said to be its high security.

Crypto-rial has been designed in a way that it is easy to track and even if the data on the smart phones are hacked, the crypto-rial can be tracked.

According to earlier CBI statements, the crypto-rial is planned as a new type of the national currency, like banknotes and coins, though it would be completely digital.

Based on what is known so far about the CBI’s crypto initiative, the digital currency is not designed to compete with global cryptocurrencies. Unlike bitcoin and other cryptos, central bank digital currencies (CBDCs) are centralized, not anonymous and in accord with anti-money laundering requirements.

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