Business And Markets

Iran's CB Designing Crypto-Rial

Iran's CB Designing Crypto-Rial
Iran's CB Designing Crypto-Rial

The Central Bank of Iran is studying the issuance of “crypto-rial” as a central bank digital currency (CBDC) and a digital form of the country’s fiat money, the CBI director of Payment Systems Department said.
“If issued, the crypto-rial could be used for small cashless transactions…it helps us reduce money circulation and can be used for interbank settlement,” the CBI website quoted Mohammad Reza Mani Yekta as saying. 
The CBI said earlier that it was trying to develop a national cryptocurrency to promote financial and payment services in the domestic banking industry at the inter-bank and micro-banking levels.


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