The so-called "crypto-rial" has been in the works for some years.
According to the Chamber, the crypto rial was supposed to go live in November. It added that the Central Bank Digital Currency (CBDC) was created to promote enhanced financial inclusion and to serve as a powerful tool for the CBI to compete with other stablecoins around the world.
The Chamber went on to say that experts in the nation were concerned about businesses' readiness to utilize a CBDC, the public's knowledge of digital wallets, and the impact of the introduction on banks.
The crypto rial has also been viewed as a tool for combating Iran's widespread corruption. The development of the crypto rial began in 2018, and the Central Bank has promised to test the CBDC throughout the year.
According to a local media outlet, the CBDC would run on the Borna platform, which was developed with the Hyperledger Fabric, an IBM open-source distributed ledger technology platform. The media outlet adds that banks would exchange paper rials for electronic ones. Since the platform is authorized, the Central Bank will choose which banks will participate.
Borna was introduced in 2019 to assist modernise Iran's outdated financial sector. The Borna platform will enable the provision of fee-based financial services, although this will not be part of the current trial.
The use of cryptocurrencies for payment within Iran is illegal. However, in August, Iranians began to use cryptocurrencies to pay for imports, sparking concerns among Iranian businesses about the absence of cryptocurrency regulation. In the past, the Iran Blockchain Association has made similar calls.
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