Central Bank Digital Currency (CBDC)

According to Iran Chamber of Commerce, Central Bank of Iran (CBI) said  it will begin the pilot launch of crypto-rial as the bank’s digital currency . The CBI has said that the aim of designing the crypto-rial is to turn banknotes into a programmable entity.   One of the main features of this digital currency is said to be its high security.Crypto-rial has been designed in a way that it is easy to track and even if the data on the smart phones are hacked, the crypto-rial can be tracked.

According to earlier CBI statements, the crypto-rial is planned as a new type of the national currency, like banknotes and coins, though it would be completely digital.Based on what is known so far about the CBI’s crypto initiative, the digital currency is not designed to compete with global cryptocurrencies. Unlike bitcoin and other cryptos, central bank digital currencies (CBDCs) are centralized, not anonymous and in accord with anti-money laundering requirements.

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