Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Iran Starts Central Bank’s Digital Currency ‘Crypto Rial’ Pilot Today – Featured Bitcoin News
The Central Bank of Iran (CBI) has reportedly started a pilot for its central bank digital currency (CBDC), also known as “cryptoreal.” Iran’s Chamber of Commerce explained that “the cryptorial is designed in a way that is easy to trace, and even if the data on the smartphones is hacked, the cryptorial can be traced.”
The ‘Crypto Rial’ pilot launches today
The Central Bank of Iran (CBI) announced on Wednesday that it will begin the “pilot launch of cryptocurrencies” on Thursday, according to Iran’s Chamber of Commerce, Industry, Mines and Agriculture.
Crypto rial refers to Iran’s central bank digital currency (CBDC). Iran’s central bank has previously explained that “the goal of designing the crypto-rial is to turn banknotes into a programmable device,” the chamber described, noting that the crypto-rial will be a digital version of the country’s national currency.
The chamber explained that one of the main features of this central bank’s digital currency is “the high security”, elaborating:
Crypto rial is designed in a way that is easy to trace and even if the data on the smartphones is hacked, the crypto rial can be traced.
Iran’s government recently approved a “comprehensive and detailed” cryptocurrency regulatory framework. Authorities have also resumed licensing crypto miners under the new regulations.
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 the first official import order was placed with $10 million worth of cryptocurrency. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added.
What do you think about Iran starting an “encryption” pilot? Let us know in the comments section below.
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