Tehran, Iran – A national digital currency is coming to Iran, with the country’s central bank planning to launch a pilot “digital rial” project in the coming days.
The central bank digital currency (CBDC), which has also been referred to as the “crypto rial”, is expected to remain pegged at a 1:1 ratio to the rial, the national currency.
It is a project officials hope could significantly increase their control over the national currency and its users while offering new opportunities to financial actors.
Slapped with harsh United States sanctions imposed after former President Donald Trump unilaterally withdrew from a 2015 nuclear deal with Iran, when cryptocurrency was reaching highs in 2018, some officials in Tehran saw the potential of cryptocurrencies to circumvent sanctions – although that will not be the case with the digital rial, as it will only be used inside Iran’s border.
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