After introducing crypto as a means to purchase foreign goods, Iran is now making a pilot launch of its own central bank digital currency (CBDC).
The development of the so-called “crypto rial” began in 2018. The Iranian CBDC is operating on the Borna platform, which was built by using IBM’s distributed ledger platform, Hyperledger Fabric. Before the full launch, crypto rial will first be tested for the remainder of the year.
Iranian banks will trade their paper rials for crypto ones. However, only banks approved by Iran’s Central Bank will be able to participate.
According to Iran’s Chamber of Commerce representative, the introduction of the crypto rial will boost financial inclusion in the country. In addition, it will also allow Iran to be competitive with other stablecoin issuers worldwide.