Iran Begins Digital Rial Pilot Program on Kish Island
The Central Bank of Iran (CBI) has initiated a pilot scheme to introduce the country’s central bank digital currency (CBDC) on Kish Island.
Starting June 21, the digital rial will be available to banking customers and tourists in Kish for retail transactions, including purchasing goods and services. This launch expands a pilot program that began in May 2023 and involves collaboration with Iran’s Tejarat and Mellat banks.
Iran’s digital currency program began in 2021 after receiving approval from the High Council of Money and Credit. The CBI emphasized that the digital rial aims to bolster Iran’s digital economy and enhance the resilience of its payment infrastructure. This initiative is part of Iran’s broader effort to modernize its financial systems and improve transaction efficiency.
Clever Robot News Desk 21st June 2024
