Concern Over CBI’s Crypto-Rial Agenda

EghtesadOnline: While the Central Bank of Iran plans to pilot its long-awaited central bank digital currency (CBDC) project, the Crypto-Rial, by November, experts has expressed strong reservations about the practicality of the move and its anticipated positive impact on the economy.

News ID: 751864

According to Ali Salehabadi, the CBI boss, the bank has in place infrastructure and rules for the Crypto-Rial. The cryptocurrency is planned as a new type of national currency, like banknotes and coins, but fully digital.

Based on what is known about the CBI crypto agenda, the digital currency is not designed to compete with global cryptocurrencies. Unlike bitcoin and other cryptos, CBDCs are centralized, not anonymous and in accord with anti-money laundering requirements.