The Central Bank of Iran (CBI) has reportedly started a pilot project for its central bank digital currency (CBDC), also known as “cryptographic”. The Iranian Chamber of Commerce explained that “the encryption has been designed in a way that is easy to track and even if the data on smartphones is hacked, the encryption can be traced.”
The “Crypto Rial” pilot is launched today
The Central Bank of Iran (CBI) announced Wednesday that it will begin “the pilot launch of cryptocurrencies” on Thursday, according to
Crypto rial refers to the digital currency of the Iranian central bank (CBDC). The Iranian central bank previously explained that “the purpose of crypto rial design is to turn banknotes into a programmable entity,” the House described, noting that the crypto rial will be a digital version of the country’s national currency.
The Chamber explained that one of the main features of this central bank digital currency is “its high security”, elaborating:
Crypto rial has been designed to be easy to track, and even if data on smartphones is breached, crypto rial can be tracked.
The Iranian government recently approved a “comprehensive and detailed” regulatory framework for cryptocurrency. Authorities have also resumed licensing cryptocurrency miners under the new regulatory framework.
Earlier this month, Alireza Peymanpak, deputy minister of Iran’s Ministry of Industry, Mines and Trade and chairman of the country’s Trade Promotion Organization (TPO), said the first official import order was successfully carried out with cryptocurrency worth $ 10 million. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added.
What do you think of Iran starting a pilot for “cryptorial”? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, good or service mentioned in this article.