Iran is slowly preparing for the introduction of the digital rial

The Central Bank of Iran has completed a theoretical study of CBDC, the press center of the Institute of Monetary and Banking Research (MBRI) and the Bank of Iran (CBI) reports.

On February 20, the regulator announced plans to expand the scope of the project. But Tehran will not rush to create and implement a token secured by fiat in a 1:1 ratio.

After the research stage, testing will begin with the involvement of real users. The CBDC infrastructure will be based on blockchain, its users will be banks and individuals.

Applications for participation in the tests were submitted by 10 banks of the country. After the introduction of the digital rial, every Iranian bank will be able to open electronic wallets to customers for storing and transferring CBDC.

The project started in 2017. With its help, Tehran expects to increase the availability of financial services for the population and businesses.

@source