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Iran has developed a national digital currency secured by rial
Home / Iran has developed a national digital currency secured by rial

Iran has developed a national digital currency secured by rial

The government of Iran has completed the development of a national digital currency backed by a local rial. At the moment, a new asset is being approved by the Central Bank of the state. This was stated by the general director of the corporation Informatics Services (ISC) Seyed Abotaleb Najafi.

According to him, the testing of payments, as well as internal and interbank settlements will be conducted by state banking institutions, including through a distributed infrastructure.

CBI is interested in the use of virtual currency to expand the services of the banking system and circumvent US economic sanctions.

It is noteworthy that the new asset will be provided with local currency, despite the volatility and the continuing devaluation of the rial. Thus, the unofficial rate of the rial fell to 143,000 to 1 dollar, with the official rate of about 41 thousand rials to the dollar.

It is worth noting that the new cryptocurrency does not yet have a name.

Recall that in July, the Department of Science and Technology under the Government of Iran, together with the Central Bank of the state, began developing a national cryptocurrency.

At the end of October, the head of the Iranian Civil Defense Organization, Golamreza Jalali, said that digital currencies would help circumvent some sanctions through untraceable banking transactions.

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