Lens1000
VIP Contributor
According to reports, Iran's Central Bank (CBI) is intending to launch a central bank digital currency (CBDC) pilot soon.
The CBI vice governor remarked, according to the Iranian Labour News Agency, that CBDCs might help the government tackle financial irregularities.
The construction of a sovereign digital currency in Iran began in 2018 at the CBI's executive arm, the Informatics Services Corporation. The development phase is already complete, and a pilot program will begin soon. CBI, on the other hand, did not provide many details about the timeline.
According to reports, the Iranian CBDC was built using the Linux Foundation's Hyperledger Fabric technology. Hyperledger was contacted for comment by Cointelegraph, but no response was received by the time of publication.
Iran has had considerable financial and economic challenges as a result of the United States' harsh economic sanctions.
In the face of these challenges, Iran has turned to cryptocurrency, becoming one of the first countries to legalize Bitcoin (BTC) mining in the hopes of reviving the economy. However, due to severe power shortages and blackouts, Iran has had to temporarily halt mining operations on several occasions.
Iran is also considering using bitcoins for international trade in order to avoid trade sanctions. According to Cointelegraph, the CBI and the Ministry of Trade have agreed to connect the CBI's payment network to a trading system that will allow firms to settle payments using cryptocurrency.
The CBI vice governor remarked, according to the Iranian Labour News Agency, that CBDCs might help the government tackle financial irregularities.
The construction of a sovereign digital currency in Iran began in 2018 at the CBI's executive arm, the Informatics Services Corporation. The development phase is already complete, and a pilot program will begin soon. CBI, on the other hand, did not provide many details about the timeline.
According to reports, the Iranian CBDC was built using the Linux Foundation's Hyperledger Fabric technology. Hyperledger was contacted for comment by Cointelegraph, but no response was received by the time of publication.
Iran has had considerable financial and economic challenges as a result of the United States' harsh economic sanctions.
In the face of these challenges, Iran has turned to cryptocurrency, becoming one of the first countries to legalize Bitcoin (BTC) mining in the hopes of reviving the economy. However, due to severe power shortages and blackouts, Iran has had to temporarily halt mining operations on several occasions.
Iran is also considering using bitcoins for international trade in order to avoid trade sanctions. According to Cointelegraph, the CBI and the Ministry of Trade have agreed to connect the CBI's payment network to a trading system that will allow firms to settle payments using cryptocurrency.
