Iran will start testing the digital rial this week


The central bank of Iran will begin pilot testing of the central bank's digital currency (CBDC) on Thursday, according to the news service of the country's Chamber of Commerce, Industry, Mining and Agriculture.

The message of the Central Bank of Iran says that the purpose of the "cryptoreal" is to turn banknotes into programmable objects.

In August, the bank published a draft document describing the "goals, sizes, threats and opportunities for development" of the digital rial.

In May 2021, the former head of the Central Bank, Abdolnaser Hemmati, said that the bank had already developed a "primary version" of the digital rial. The current head of the Central Bank, Ali Salehabadi, said earlier this month that the bank has the necessary infrastructure and rules for CBDC.

The Central Bank did not say much about its work on the digital rial or its functions, however, the report noted that the digital currency is not designed to compete with global cryptocurrencies such as bitcoin.

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