By using blockchain technology, the Iranian Rial paper money will be converted into a digital currency called “Crypto-Rial.”
Previously, the CBI Governor stated: “The bank has the necessary infrastructure and regulations in place for the Crypto-Rial. The cryptocurrency is intended to serve as a new kind of national money, similar to banknotes and coins but entirely digital.”
According to the Central Bank of Iran (CBI), the introduction of the Crypto Rial would contribute to the expansion of access to financial services throughout the nation and serve as a tool that will assist the economy in competing with other stable currencies across the world.
The CBI noted that the Crypto-Rial is optimized for the highest degree of security. In the case of an assault by malicious actors, it is possible to trace smartphone wallet assets.
Iran growing crypto-friendly
As of the beginning of 2022, firms in Iran might use the Central Bank’s crypto platform to settle international payments using bitcoin.
On August 9, Iran successfully executed its first overseas commercial contract utilizing cryptocurrency to acquire products with a total value of $10 million. This event served to solidify Iran’s position on cryptocurrencies.
Reza Fatemi Amin, Minister of Industry, Mines, and Trade, said on August 29 that local companies are permitted by law to execute their import trade transactions using bitcoin.