Business And Markets

Use of Cryptos, CBDCs Crucial

Use of Cryptos, CBDCs Crucial
Use of Cryptos, CBDCs Crucial

The Central Bank of Iran needs to adopt an appropriate approach to the cryptocurrency industry as a whole including the central bank digital currencies to remain abreast of   transformations in global financial markets.
"Whether we like it or not people are showing interest in cryptocurrency. The central bank should make use of this opportunity, mainly by issuing CBDCs and using them as an instrument for managing liquidity and money supply," Esmael Lellahgani, the CEO Bank Refah, told the Islamic Banking Conference on Tuesday.
The CBI is studying the issuance of “crypto-rial” as a central bank digital currency (CBDC) and a digital form of fiat money. CBI officials have said if issued, the crypto-rial would be used for small cashless transactions.


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