Iran Advances in CBDC Development with Completion of Pre-Pilot Phase

Iran has finished conducting initial research for the launch of a possible digital version of their currency, the rial, as part of their plans for a central bank digital currency (CBDC).

The Monetary and Banking Research Institute, which is the research division of Iran's central bank, announced the completion of the pre-pilot phase for the development of the CBDC.

Head of the CBI's payment systems supervision office, Mohammad Reza Mani Yekta, revealed the news at a conference on electronic banking and payment systems, stating that the CBDC pilot will be expanded in Iran's payment system, but its implementation will not be rushed.

Mani Yekta also mentioned that the pre-pilot phase ended successfully with significant accomplishments, and the project will soon be launched in other ecosystems and accessed by more users.

According to Cointelegraph, Mani Yekta stated that if a digital version of the rial is launched, the regulations that apply to physical banknotes would also apply to the digital currency. Furthermore, the CBDC infrastructure would incorporate some blockchain features, and both individuals and banks would receive the digital rial.

During the experimental phase of the project, ten Iranian banks, including Bank Melli, Bank Mellat, and Bank Tejarat, have applied to join the initiative.