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Iran will test a ‘National Cryptocurrency,’ using blockchain technology in the stock market

According to the Iranian Labour News Agency, Iran’s monetary authority plans to pilot its central bank digital currency (CBDC) soon (ILNA). The announcement comes after a four-year wait since the project’s inception.

The CBI sees digital currencies as a solution for resolving certain anomalies. Then, and decentralizing resources, according to a statement by Mehran Moharamian. That’s, deputy governor for IT at the Central Bank of Iran. CBDCs are already having an impact in other nations, according to him.

The start of the pilot phase was not specified by Moharamian. In 2018, Tehran’s Informatics Services Corporation was charged with establishing a “national cryptocurrency” by the Iranian government. The CBI division is now in action.

Moharamian did not disclose any particular information regarding when the pilot phase would begin. In 2018, the Iranian government tasked the country’s Informatics Services Corporation with creating a “national cryptocurrency.” The banking automation and payment services network in the country is run by the CBI arm.

The Iranian digital currency was created utilizing the Hyperledger Fabric platform, a blockchain framework implementation and one of Hyperledger’s projects hosted by the Linux Foundation, according to the business.

Despite the fact that the Iranian crypto industry is mainly unregulated — aside from mining — a report published this week claimed that officials are exploring various methods to use the technology that supports cryptocurrencies like bitcoin.

Iran’s capital market should seriously explore adopting blockchain technology. That’s, as it can assist meet some of the stock market’s most pressing needs. Then, and open up new avenues for its revival. The head of the Iranian Securities and Exchange Organization, Majid Eshqi, recently commented on the situation. He elaborated, as quoted by SENA and the English-language business daily Financial Tribune:

“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.”

He went on to say that now is the moment to evaluate the possibilities of blockchain technologies to solve some existing difficulties. That’s, such as shareholder identification verification, and to begin the infrastructure process.
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