The Central Bank of Iran (CBI) will launch its central bank digital currency (CBDC) pilot on Thursday.
Some countries are adopting existing cryptocurrencies, while others are launching their own digital currencies. El Salvador’s Bitcoin and Iran’s CBDC are examples of this situation. The Central Bank of Iran is also taking the first step for its own digital currency.
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Iran, which started the pilot program for the digital currency focusing on the potential economic benefits it will bring, such as international payments, stated that its aim is to turn banknotes into programmable assets.
Iran has published an outline of the digital currency’s goals, dimensions, threats and development opportunities in recent months. According to the news service of the Iranian Chamber of Commerce, Industry, Mining and Agriculture, CBI Chairman Ali Salehabadi said that the country now has the necessary infrastructure and rules for the CBDC.
The Iranian government sees crypto as a way to circumvent US sanctions. Also, according to the report, the digital currency is not designed to compete with global cryptocurrencies such as Bitcoin (BTC). Beyond that, there are not many details mentioned by the CBI regarding the digital currency.
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