Iran Launches CBDC Revolution on Kish Island. 🇮🇷🪙
Iran's central bank is piloting its digital currency, the digital rial, in Kish Island starting in July. This initiative aims to simplify transactions by allowing users to make payments and transfers using digital wallets, eliminating the need for cash or bank cards. The digital rial enables direct transactions between users without the involvement of traditional banks. The pilot program will involve Mellat Bank and Tejarat Bank. Kish Island, a free trade zone with a large population and tourist influx, provides an ideal testing environment. Iran's central bank has outlined several goals for the digital rial, including improving payment infrastructure, efficiency, and security. Iran began developing its CBDC in 2021 and is also exploring its use for cross-border transactions. The pilot of the digital rial represents a significant step in Iran's exploration of CBDC technology.
What do you think about this issue? Do you think Iran will be successful? 💬
