Iran soon plans to launch the pilot phase of its digital currency project.
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The monetary authority of Iran intends to pilot its central bank digital currency (CBDC) in the near future, a high-ranking representative of the financial regulator said, quoted by the Iranian Labour News Agency (ILNA). The news comes in the fourth year since the project’s initial announcement. More and more countries are now actively exploring CBDC options.
The central bank sees CBDC as a solution for resolving certain inconsistencies and decentralizing resources.
According to Mehran Moharamian, deputy governor for IT at the Central Bank of Iran, the CBI sees digital currencies as a solution for resolving certain inconsistencies and decentralizing resources. Other countries have already begun to benefit from CBDCs, he noted. However, the deputy governor did not provide specific details about the start of the pilot phase. Authorities in Tehran tasked the country’s Informatics Services Corporation with developing a “national cryptocurrency” in 2018. The CBI arm is operating the country’s banking automation and payment services network. The company also explained that the Iranian digital currency had been designed using the Hyperledger Fabric platform.
Blockchain is expected to revive the Iranian Stock Market.
Although the Iranian crypto space remains largely unregulated — except mining — another report this week indicated that officials have been looking for various ways to employ the technology that underpins cryptocurrencies like bitcoin. Iran’s capital market should genuinely consider using blockchain technology as it can help address some major needs of the share market and create new opportunities for its revival, Majid Eshqi, head of the Iranian Securities and Exchange Organization, recently commented. Quoted by SENA and the English-language business daily Financial Tribune, he elaborated: At the latest, in two years, we will be compelled to make use of blockchain technology… It will not be long before we start tokenizing physical assets and stocks that can be easily traded on the new platforms.
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