Tehran has been preparing a “cryptorial” since 2018.
As reported Chamber of Commerce of Iran, the country’s central bank is launching a pilot project for the circulation of digital currency starting September 22. It is noted that Tehran has been preparing the “cryptocurrency” for the past few years – since 2018.
Initially, it was planned to launch a pilot project in November, but the regulator decided to accelerate the process amid increasing risks of sanctions pressure from Western countries against Tehran. Recall that Western countries are now negotiating the so-called “nuclear deal” with Tehran, which discusses the terms of Iran’s use of nuclear energy.
The Chamber of Commerce said that the task of the new digital currency class CBDC is, among other things, “to expand access to financial services for residents and businesses in Iran, as well as to become a competitive means of payment in the world. In addition, the emerging digital transparency of financial transactions within Iran is expected to help Tehran effectively combat corruption in the country.
It has also become knownIt was reported that the “cryptorial” functions on the platform Borna, which emerged on the basis of the decentralized system Hyperledger Fabric, the creator of which is IBM Corporation. The development of Borna has been underway since 2019.
Iranian banks reportedly have the ability to freely convert paper banknotes into “cryptorials” and back. At the same time, the Central Bank of Iran determines the technical capabilities of individual credit institutions to work with Borna, and as their technological readiness gives access to this platform.
Recall that payments in cryptocurrencies are banned inside Iran, but Tehran has given the green light to the use of cryptocurrencies in paying for imports.