Official Unveiling: Iran’s Central Bank Digital Currency Project Goes Public

Iran launched its central bank digital currency (CBDC) officially on Sunday in a ceremony attended by Central Bank of Iran (CBI) Governor Mohammad Reza Farzin and CEOs of major banks. 

This CBDC, issued electronically by the central bank, seeks to streamline domestic banking transactions. A pilot project starting in July on Kish Island will involve Mellat and Tejarat, focusing on retail transactions. The introduction of the digital rial aligns with Iran’s digital economy and payment infrastructure enhancement strategy.

Clever Robot News Desk 26^th June 2024