The Iran Central Bank is getting closer to launching its Central Bank Digital Currency (CBDC).
Iranian news agency report that Iran to pilot national cryptocurrency soon. The issuance of the Iranian national crypto will help solve the country’s financial problems, said Vice Chairman of the Central Bank of Iran (CBI) Mehran Moharamyan.
Since 2018, the CBI has been developing CBDC in Iran. The project has passed the final stage of development and should soon begin work. However, the central bank does not pinpoint the exact dates.
The Iranian CBDC was developed on the Hyperledger Fabric platform from the Linux Foundation. The national cryptocurrency is designed to help the country cope with tough economic sanctions imposed by the United States.
Recall that Iran was one of the first in the world to legalize bitcoin mining to revive the economy. However, the authorities have repeatedly had to suspend mining due to a lack of electricity problems.
The CBI and the Iranian Ministry of Commerce recently allowed Iranian companies to use crypto-currency payments for settlements with foreign partners.
Nearly 100 countries are currently developing central bank digital currencies. China was the first in the world, back in 2019, to release the CBDC, and at the moment, the “digital yuan” is being massively tested in different provinces of the country.
Although all leading countries are developing CBDCs, not everyone sees the future of national cryptocurrencies thriving. The chief economist of the Bank of England said last summer that CBDCs could destroy the foundations of the global banking system.