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Iran launches its cryptocurrency secured by the national currency rial



Iran has completed the development of its national cryptocurrency , supported by local currency rial. As soon as the Central Bank of Iran (CBI) approves its use, the unnamed digital currency will be provided to banking institutions for testing in payments, domestic and interbank payments.

"State digital tokens will be used by Iranian commercial banks as a payment instrument for transactions and banking transactions."

According to , CBI has contracted with Najafi, an Iranian banking and payment solution provider, to develop and develop a national digital currency for use in expanding the services of the banking system.

Najafi stressed that the national cryptocurrency is still in an experimental stage. First of all, it was designed to explore the possibilities of the blockchain technology , its impact on interbank payments, retail banking services and the financial ecosystem as a whole.

“After receiving approval from the Central Bank of Iran, the created cryptocurrency will be used in the banking system of the country … at the first stage, the blockchain-based infrastructure will be provided to Iranian commercial banks for use as a token and payment instrument in transactions and banking calculations ,” the chief executive officer explained Informatics Services (ISC) Corporation Seyed Abotaleb Najafi.

Recall that at the end of October last year it became known that the Iranian government is actively preparing the financial base, as well as the infrastructure for the implementation and use of cryptocurrency in its country.

Half a month later, Nasser Hakimi, Deputy Director for New Technologies, said that the State Central Bank of Iran had begun to study cryptocurrency in the use of Bitcoin and other cryptocurrencies as an effective way to circumvent the economic sanctions imposed on the country.

In April 2018, Iran announced the readiness of an experimental cryptocurrency model. At the same time, at the end of August of this year, the Financial Tribune agency reported that the project of state-provided cryptocurrency was fully prepared.