Iran’s digital currency available to public in late June under pilot scheme
The Central Bank of Iran (CBI) has announced the start of a pilot scheme for using the country’s digital currency under a pilot program in the southern island of Kish.
The CBI said in a statement on Tuesday that the digital rial will be available to banking customers and tourists in Kish on the first day of the calendar month of Tir (June 21).
It said the launch will be an expansion of a pilot program for digital currency that had started in May 2023.
The top lender said Iran’s Tejarat and Mellat banks will contribute to the project, adding that people will be able to use the currency for retail purposes, including for purchases of goods and services.
A central bank digital currency (CBDC) can facilitate everyday transactions by allowing households and businesses to make payments that are faster and safer than those made by physical cash.
Many central banks around the world have been working on CBDCs in recent years amid a global rise in the use of cryptocurrencies like bitcoin.
Iran started its program for a digital currency in 2021 after carrying out initial studies on the project and after the country’s High Council of Money and Credit approved the plans.
The CBI said in its Tuesday statement that the launch of digital rial will help expand Iran’s digital economy and will increase the resilience of the country’s payment infrastructure.
It said the launch will also help the CBI to better manage the risks caused by the spread of “private moneys”, a reference to the growing public concern about the mining and trade of cryptocurrencies.
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