The Central Bank of Iran indicated a CBDC pilot program in the near future, but did not specify when it would begin.
According to reports, Iran’s Central Bank (CBI) is intending to implement a central bank digital currency (CBDC) pilot soon.
The CBI vice governor remarked, according to the Iranian Labor News Agency, that CBDCs might help the government resolve financial irregularities.
The construction of a sovereign digital currency in Iran began in 2018 at the CBI’s executive arm, the Informatics Services Corporation. The development phase is already complete, and a pilot program will begin soon. CBI, on the other hand, did not provide many details about the timeline.
According to reports, the Iranian CBDC was built using the Linux Foundation’s Hyperledger Fabric technology. Hyperledger was contacted for comment by Cointelegraph, but no response was received by the time of publication.
As a result of the United States’ severe economic sanctions, Iran has faced tremendous financial and economic hardships.
In the face of these difficulties, Iran has turned to cryptocurrency, becoming one of the first countries to legalize Bitcoin (BTC) mining in the hopes of reviving the economy. However, due to severe power shortages and blackouts, Iran has had to temporarily halt mining operations on several occasions.
That’s all from Iran for now. Have a productive day, reader.
