According to reports, the country intends to launch its national cryptocurrency.
According to current information, the Central Bank of Iran (CBI) plans to test its own central bank digital currency shortly. According to an Iranian Labour News Agency article, CBI vice-governor Mehran Moharamian is certain that national cryptocurrency, due to its decentralized structure, might tremendously help the country.
The CBDC is claimed to have been in the works since 2018 under the supervision of the Informatics Services Corporation, a CBI executive division. The development process is allegedly over, and the project is expected to see the light of day shortly, but no particular timeline has been disclosed.
Iran is hardly a novice when it comes to blockchain technology. Its administration has previously requested assistance from the crypto community after experiencing economic hardships due to US sanctions placed on the country. Despite ceasing mining to conserve energy supplies temporarily, it is one of the pioneering nations in Bitcoin legality.
By establishing and piloting the initiative, the country will join almost a hundred other countries developing their own CBDCs. China is the forerunner in this arena, having previously tested their cryptocurrency in numerous provinces. France and Switzerland are scheduled to follow with several test launches, as are South Korea, Japan, and Russia are slated to conduct their trial stages later in 2022.