The Central Bank of Iran (CBI) announced the launch of a pilot version of its CBDC, dubbed ‘Crypto-Rial,’ in about two months. It is apparently intended to “replace the banknotes that the people currently possess.”
According to Ali Salehabadi, Governor of CBI, authorities are taking the necessary steps to launch the CBDC pilot in the Persian calendar month of Shahrivar, which begins on August 23.
He provided additional details on the pilot project, stating that it will be launched in one region before being expanded to other areas of Iran. Back in April, he predicted that Crypto-Rial would play a role in establishing the presence of crypto in the country.
The monetary authority will be the sole issuer of the crypto rial and will determine its maximum supply. The coin will be maintained by authorized financial institutions and capable of supporting smart contracts.
But it’s not all good news for Iran’s crypto maniacs just yet. Recently, Iran’s electrical energy consumption reached a new high, prompting the country’s plans to cut off electricity to authorized crypto-mining units.
