crypto rial, iran, iran cbdc, iran central bank digital currency, iran crypto rial, iran digital currency

The Central Bank of Iran (CBI) has reportedly begun a pilot for its central bank digital currency (CBDC), also known as “crypto rial.” Iran’s chamber of commerce explained that the “crypto rial has been designed in a way that is easy to track, and even if the data on the smartphones are hacked, the crypto rial can be tracked.”

‘Crypto Rial’ Pilot Launches Today

The Central Bank of Iran (CBI) announced Wednesday that it will begin “the pilot launch of crypto rial” on Thursday, according to Iran’s Chamber of Commerce, Industries, Mines and Agriculture.

Crypto rial refers to Iran’s central bank digital currency (CBDC). The Iranian central bank previously explained that “the aim of designing the crypto rial is to turn banknotes into a programmable entity,” 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 digital currency is “its high security,” elaborating:

Crypto rial has been designed in a way that is easy to track, and even if the data on the smartphones are hacked, the crypto rial can be tracked.

Iran’s government recently approved a “comprehensive and detailed” regulatory framework for cryptocurrency. The authorities have aso resumed licensing crypto miners under the new regulatory framework.

Earlier this month, Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine, and Trade and president of the country’s Trade Promotion Organization (TPO), said the first official import order was successfully placed with cryptocurrency worth $10 million. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added.

NEWS RELATED

ETH Merge Forks, Quantum Computing, Biden Draining Oil Reserves, DOJ Targets Criminal Crypto Use — Week in Review

With the Ethereum Merge event now successfully completed, new proof-of-work (PoW) forks have emerged to vie for miner acceptance. This, as the United States government, has warned that the post-quantum world is getting closer, and vulnerable cryptography will need to be protected. Amidst red hot inflation in the U.S., ...

View more: ETH Merge Forks, Quantum Computing, Biden Draining Oil Reserves, DOJ Targets Criminal Crypto Use — Week in Review

Report: Gap Between Ethiopian Currency's Official and Parallel Market Exchange Rate Grows to New Record

The Ethiopian birr currency’s parallel exchange rate against the U.S. dollar recently dropped to a low of 92 birrs per dollar, a report has said. The report added that following this latest plunge, the gap between the birr’s official and parallel market exchange rates has widened to a record ...

View more: Report: Gap Between Ethiopian Currency's Official and Parallel Market Exchange Rate Grows to New Record

Russia Starts Developing Mechanism for International Crypto Payments

Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country’s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments. Regulators in Russia Move Toward Legalizing Use of ...

View more: Russia Starts Developing Mechanism for International Crypto Payments

Kenyan Central Bank Says It's 'Craziness' to Convert Country's Reserves to Bitcoin

The Kenyan central bank governor Patrick Njoroge has described as “craziness” the calls to convert Kenya’s reserves into bitcoin. He added that he would have to be out of his mind before agreeing to this. Njoroge argued that cryptocurrencies like bitcoin are not only volatile, but are hardly solving ...

View more: Kenyan Central Bank Says It's 'Craziness' to Convert Country's Reserves to Bitcoin

Southeast Asia's Largest Bank DBS Launches Self-Directed Crypto Trading Amid Institutional Demand

The largest bank in Southeast Asia, DBS, has launched self-directed cryptocurrency trading via its app. More customers are now qualified to access the bank’s digital asset exchange and trade cryptocurrencies, including bitcoin and ether. DBS Launches Self-Directed Crypto Trading DBS, the largest bank in Southeast Asia, announced Friday that ...

View more: Southeast Asia's Largest Bank DBS Launches Self-Directed Crypto Trading Amid Institutional Demand

JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined

Global investment bank JPMorgan is seeing little demand for crypto as a payment method. However, the bank noted that cryptocurrencies are becoming “larger and larger” in the gaming sector, including in the metaverse. JPMorgan Sees Little Demand for Crypto as a Payment Tool The global head of payments for ...

View more: JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined

Robert Kiyosaki Says End of Fake Money Is Here — Shares 3 Lessons to Help Investors Amid Market Crashes

After predicting the biggest crash in world history, Robert Kiyosaki, the famous author of the best-selling book Rich Dad Poor Dad, says the “end is here” for fake money. He reiterated three lessons that will help investors “do well in market crashes.” Robert Kiyosaki on the End of Fake ...

View more: Robert Kiyosaki Says End of Fake Money Is Here — Shares 3 Lessons to Help Investors Amid Market Crashes

Moscow Exchange Suggests Issuing Crypto Receipts for Those Afraid of Blockchain

The Moscow Exchange has proposed to legalize the issuance of receipts for digital financial assets. The trading platform says this will allow custodians to offer clients who are not ready for distributed ledgers to essentially work with securities. MOEX also plans to become a licensed crypto exchange operator. Largest ...

View more: Moscow Exchange Suggests Issuing Crypto Receipts for Those Afraid of Blockchain

Gareth Southgate: I’m the right person to lead England into World Cup

Masih Alinejad says ‘Iranian women are furious’ over headscarf death

Report: Leaked Audio Featuring Celsius Execs Uncovers Plans to Create an IOU Cryptocurrency

Death toll in Iran rises as week-long Mahsa Amini protests continue

While Known Mining Pools Currently Dominate, Unknown Miners Discovered the Most Bitcoin Blocks During the Last 13 Years

Value Locked in Defi Drops to Lows Not Seen Since March, Ethereum Dominates TVL by 57%

Biggest Movers: DOGE Hits 1-Month High to Start the Weekend

Scoring struggles and fan frustration – England worries mount ahead of World Cup

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Week of Intense Volatility

Flynt Launches Industry’s Highest Yield Product on Bitcoin

Digital Asset Exchange Platform Granted 'Crypto Financial Services Provider License' by Israeli Regulator

Gareth Southgate urges England ‘to stay really tight’ after poor run of form

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network