Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Iran plans digital rial launch to modernise financial systems

Iran plans digital rial launch to modernise financial systems

GrafaGrafa2024/11/27 06:40
By:Isaac Francis

The Central Bank of Iran (CBI) has announced the upcoming launch of its central bank digital currency (CBDC), the digital rial, aimed at modernising the nation’s financial systems and mitigating the effects of international sanctions.

The announcement was made by CBI Governor Mohammad Reza Farzin at the Modern Banking and Payment Systems Conference on November 25.

“Developing innovative banking systems is a central bank’s responsibility worldwide, and we are determined to fulfill this duty in Iran,” Farzin stated, emphasising the importance of innovation in banking.

The digital rial, in development since 2018, uses open-source Hyperledger Fabric technology and completed its "pre-pilot" stage by mid-2023 with the participation of leading Iranian banks.

A pilot project for the CBDC was launched in June on Kish Island, a free trade zone known for its annual influx of 12 million tourists.

The digital rial is designed for retail use and is currently focused on domestic applications.

Farzin addressed the challenges posed by international sanctions, noting progress in circumventing these barriers.

He highlighted the integration of the Iranian ACU and Russian MIR payment systems, replacing SWIFT for cross-border transactions.

“We’ve replaced SWIFT with this platform and strengthened our ties with BRICS, which is shaping global trade with a strategic plan through 2025,” Farzin stated.

Iran’s Shetab payment system, which processes transactions in under two seconds, is also being linked with Russia’s MIR system to further enhance financial connectivity.

Other collaborative efforts include developing a gold-backed stablecoin and experimenting with cryptocurrency for international trade, despite restrictions imposed by sanctions.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Bitget Has Completed the Worldwide USD (WUSD) Contract Swap

Bitget has completed the Worldwide USD (WUSD) contract swap. Please note: The distribution of new WUSD was conducted at a ratio of 1:1. Deposit and withdrawal services of the new WUSD will open on 19 December 2024, 12:00 (UTC). The new WUSD contract address is as follows: ERC20: 0x7Cd017ca5ddb86861

Bitget Announcement2024/12/19 11:00

Alchemy Pay: Buy crypto via local payment methods with zero fees!

For one month, enjoy zero fees on all Alchemy Pay transactions made through designated local payment methods! Buy crypto Promotion period: December 19, 2024, 6:00 PM – January 18, 2025, 6:00 PM (UTC+8) To qualify for zero fees, buy crypto using one of the following payment methods: Fiat currency De

Bitget Announcement2024/12/19 10:38