Iran to Commence Pilot CBDC Phase

Iran to Commence Pilot CBDC Phase

Iran is on the road to rolling out the first phase of a national cryptocurrency. The Teheran Times reported that the country will begin the pilot phase of its central bank digital currency (CBDC) sometime in the near future. The Vice Governor for IT affairs at the Central Bank of Iran, Mehran Moharamian, spoke highly of the benefits of crypto assets in Iran’s financial sector.

According to the Vice Governor, inconsistencies in the financial sectors can only be solved with the introduction of transparent digital coin solutions. His bank has been hard at work on a CBDC these last couple of years.

Tehran Times revealed that “In 2018, Informatics Services Corporation, the executive arm of the Central Bank of Iran… was tasked with developing a national cryptocurrency… the Iranian cryptocurrency has been designed using the Hyperledger Fabric platform,”

Yet, Iran’s regulatory authorities are just back fresh from a major crackdown on illicit crypto mining processes, and in May of last year, these same authorities banned crypto mining altogether. All the while certain other authorities are set to launch a major crypto-related program.

However, the Mehr News Agency reported that Iran’s Ministry of Trade and the CBI have agreed to allow businesses to process international payments through cryptocurrencies. There is a finalized mechanism that has been settled on by the authorities, commented Iran’s Deputy Minister of Industry.

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