Iran to Test a Digital Rial This Week

The Central Bank of Iran will start a central bank digital currency (CBDC) pilot on Thursday, according to country’s Chamber of Commerce, Industries, Mines and Agriculture (CBI).

The bank had published a draft document outlining the “goals, dimensions, threats and opportunities for the development” of a digital rial in August.

The CBI’s current head, Ali Salehabadi, said earlier this month that the bank had the necessary infrastructure and rules in place for a CBDC.

The digital currency is not designed to compete with global cryptocurrencies like bitcoin, the CBI said.

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