Odaily Planet Daily News - On November 25, Mohammad Reza Farzin, the Governor of the Central Bank of Iran (CBI), stated at the national banking conference that Iran will launch a Central Bank Digital Currency (CBDC) in the near future. He called for attention to the country's developed digital financial infrastructure and pledged to continue innovating in the face of sanctions. According to reports, Farzin stated that the launch of the CBDC is part of a larger effort to maintain modern banking practices: 'Developing an innovative banking system is the responsibility of central banks globally, and we are determined to fulfill this responsibility in Iran.' The digital rial has been in development since 2018, utilizing open-source Hyperledger Fabric technology. By mid-2023, it has completed the 'pre-pilot' research phase with the participation of major banks in Iran. The CBI launched a retail CBDC pilot project on Kish Island in June. So far, the digital rial appears to have no intermediaries, focusing on domestic use. (Cointelegraph)
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Iran's Central Bank to Launch CBDC, Utilizing Financial Technology to Address Sanctions
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