Iran’s central bank plans to issue its own token, which will be used to circumvent Western financial sanctions.
The research unit of the regulator announced the successful completion of the first phase of testing of the digital rial. The Institute of Monetary and Banking Research also took part in it.
Mohammad Reza Mani Yekta, head of the Central Bank of the Islamic Republic’s Payment Systems Supervision Authority, announced the second and broader phase of CBDC testing. The regulator wants to accelerate the implementation of the digital currency project.