Iran Completes Development of Rial-Supported National Cryptocurrency

Economy & Regulation

Iran has finalized the development of its national cryptocurrency, which is backed by the local fiat unit, the rial. Once the Central Bank of Iran (CBI) approves its use, the yet-to-be-named digital currency will then be issued to banking institutions for testing in payments, internal and interbank settlements according to local media reports.

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Banks to Be Granted State Digital Currency

Speaking to Ibena, an Iranian news agency affiliated with the country’s central bank, chief executive officer of Informatics Services Corporation (ISC) Seyyed Abotaleb Najafi said the state-backed cryptocurrency “can be used in a distributed and one-to-one framework for…