Iran officially unveiled its central bank digital currency (CBDC) on Sunday during a ceremony attended by Central Bank of Iran (CBI) Governor Mohammad Reza Farzin and chief executives of several major banks.
This digital currency, issued electronically by the central bank, aims to streamline transactions within the country’s banking system.
A pilot project will commence in July on the island of Kish, involving two major Iranian banks, Mellat and Tejarat, and will focus on retail transactions.
The digital Rial’s introduction is part of Iran’s strategy to enhance its digital economy and payment infrastructure.
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