Status : Pilot
Usecase : Retail
The Central Bank of Iran (CBI) has been actively pursuing the development of a national digital currency since 2018, following the US withdrawal from the Joint Comprehensive Plan of Action and the reimposition of sanctions. In January 2022, the CBI announced that CBDC development would soon begin. In April 2022, the CBI notified domestic institutions about regulations for a “Crypto-Rial”. There are reports suggesting that the CBI is developing its CBDC using Linux Foundation’s hyperledger, and a pilot version is expected to take a year. In September 2022, a pilot program was launched in partnership with two local banks. The pre-pilot stage has been completed, and additional testing will be conducted in partnership with more domestic banks, according to a February 2023 CBI statement. Iran’s motivations for considering a CBDC include evading sanctions, promoting financial inclusion, and preventing corruption.
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