Business And Markets

CBI Defines Goals of Crypto-Rial

CBI Defines Goals of Crypto-Rial
CBI Defines Goals of Crypto-Rial

The central bank’s digital currency project, known as crypto-rial, will not replace the banking system and is being designed to add smart features to the currency.
"Our primary aim in developing the crypto-rial is to create a new programmable form of currency, known as open money…This means that money will be equipped with smart features, which can be used for several purposes such as monitoring how bank loans are used, which is almost impossible with the prevailing national currency" Mehran Moharramian, the deputy for innovative technologies at the Central Bank of Iran, was quoted as saying by IBENA. 
Moharramian referred to the gradual use of cryptocurrencies by the public and said the CBI wants to make use of the newly created opportunity, and CBDCs are up front for making the best use of new technology. 


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