On November 25, Mohammad Reza Farzin, the Governor of the Central Bank of Iran (CBI), stated at a national banking conference that Iran will launch a central bank digital currency (CBDC) in the near future. He called attention to the country's developed digital financial infrastructure and pledged to continue innovating in the face of sanctions. According to reports, Farzin mentioned that the launch of the CBDC is part of a greater effort to maintain modern banking practices: 'Developing an innovative banking system is the responsibility of global central banks, 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 operate without intermediaries, focusing on domestic use. (Cointelegraph)
