The Central Bank of Iran (CBI) has reportedly begun testing the Central Bank Digital Currency (CBDC), also known as “crypto-rials.” The Chamber of Commerce and Industry of Iran explains that “crypto rials are designed to be easy to track, so that even if your smartphone data is hacked, you can still track your crypto rials.”
“CryptoReal’s” trial operation begins today
19}, the Central Bank of Iran (CBI) announced on Wednesday that it will launch a “pilot launch of crypto-real” on Thursday. Chamber of Commerce, Industry, Mining and Agriculture of Iran.
Crypto rial refers to Iran’s Central Bank Digital Currency (CBDC). The Central Bank of Iran previously explained that “the purpose of designing the crypto rial is to turn banknotes into a programmable entity,” and the Chamber noted that the crypto rial will be a digital version of the country’s national currency.
The Chamber elaborated, explaining that one of the main features of this central bank digital currency is “its high security.”
The crypto-real is designed to be easy to track, so that even if your smartphone data is hacked, the crypto-real can still be traced.
The Iranian government recently approved a “comprehensive and detailed” regulatory framework for cryptocurrencies. The authorities also resumed licensing crypto miners under the new regulatory framework.
Earlier this month, Alireza Peymanpak, deputy minister of Iran’s Ministry of Industry, Mines and Trade and president of the country’s Trade Promotion Organization (TPO), said that the first official import order worth $10 million in cryptocurrency was successfully placed.” By the end of September, the use of cryptocurrencies and smart contracts will spread to foreign trade with target countries,” this official added.
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