Iran launches a public pilot project for a central bank digital currency in June

Unlike other types of electronic money in Iran, digital rial does not require interbank settlement to transfer money between buyers

And sellers.

The Central Bank of Iran (CBI) is launching a national digital currency in a public trial targeting small domestic payments.

On June 18, the Central Bank of Iran officially announced the launch of a pilot scheme for the Central Bank of Iran's digital currency (CBDC), the digital rial.

As part of the pilot program, the Iranian digital currency will be available to banking customers and tourists on Kish Island. The beta phase will begin on June 21, the first day of the calendar month of Tir.

The Iranian digital rial does not require settlement between banks

According to the Central Bank of Iran, the public offering of the digital rial on Kish Island will be an extension of the digital rial pilot program that began in 2023.

As part of the pilot program, bank customers and tourists will be able to use the digital riyal to pay for goods and services by scanning a barcode through a special program. The digital riyal offers an additional payment method in addition to cash and bank cards.