Iran has set a date for the launch of its CBDC

Asian countries appear to be the most active regarding the future use of a central bank digital currency.

Tecnología September 21
News Mundocrypto

Asian countries appear to be in the top positions for the use or launch of CBDC projects. While the digital yuan has stolen the spotlight in recent times, finding itself already being tested by the Chinese population, it would appear another central bank digital currency is appearing over the horizon. 

This Thursday, September 22, the Central Bank of Iran will launch its CBDC. After finalizing the launch plans, the Iranian Chamber of Commerce has reported that the “Crypto-rial”, the name given to this CBDC, has been made a reality. This digital currency will take advantage of blockchain technology to convert fiat money into their digital versions. 

The country's main financial regulator is betting on this CBDC, expecting the crypto-rial to help improve financial inclusion in the country. In turn, it is expected to serve as a tool to help the economy compete with other stablecoins globally. 

“The bank has the infrastructure and the regulation to launch the Crypto-rial. The CBDC is envisioned as a new type of national currency, like common banknotes and coins, but fully digital.” 

This is just another step for Iran in adopting blockchain technology. At the beginning of the year, it showed its favorable perspective towards cryptocurrencies, where it allowed various companies to face their cross-border payments using these digital assets. Even last August, the country reached the first foreign trade agreement worth 10 million dollars forged with cryptocurrencies. 

According to the Central Bank of Iran, and going back to the crypto-rial, it has been designed in order to optimize top-level security. The assets that are stored within the wallets located on mobile phones are traceable. The purpose of this is that if a malicious attack happens on these funds, they can be traced. 

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