Iran tests national cryptocurrency and changes the Central Bank Act - Finance
Iran tests national cryptocurrency and changes the Central Bank Act - Finance
The Iranian Central Bank is preparing to start the pilot phase of its digital currency project in the near future, its new boss reported representatives of local media. The currency authority also prepares a plan for the reform of the legal provisions that regulate their own activities.
Iran prepares pilot project for sovereign digital currency
The "national cryptocurrency" of Iran will soon enter into the pilot phase, according to the recently appointed governor of the Iranian central bank ( cbi ) has revealed ali sales. In a conversation with reporters after his first meeting with the legislator, the high -ranking civil servant said that the regulatory authority is now examining potential risks and advantages associated with the initiative. Quoted by Irib News and the Financial Tribune, he said:
The pilot test will begin as soon as the money and credit council has approved it.
Salehabadi, which has headed the CBI since October 6, did no further details about the digital currency of the Iranian central bank ( CBDC ). According to the English -speaking business newspaper, the new phase of the project should correspond to previous plans to develop a national cryptocurrency.
The report notes that the Informatics Services Corporation, the subsidiary of CBI, which operates the country's bank automation and payment service network, was commissioned three years ago to develop a sovereign digital currency. A CBDC prototype was designed with the Hyperledger Fabric platform, as later unveiled his representatives.
It became clear that the digital version of the National Fiat of the Islamic Republic, the Rial, was developed on a private blockchain. In contrast to cryptocurrencies based on public blockchains such as Bitcoin, the Iranian state of coin is not broken down.
The public was never informed about the progress of this first project until recent announcements were published that a "crypto plan" is underway. Officials have emphasized that the Iranian crypto will be a digital currency that is converted by the CBI and no decentralized cryptocurrency that could be used for small, cashless transactions, according to publication.
New Commission prepares changes to the Iranian Central Bank Act
In addition to the announcement of the digital currency, Iranian media have also learned that the new management of the central bank and members of the Majlis have agreed to use a joint commission to reform the legal provisions on the CBI. Its members are expected to quickly complete a long -awaited plan to update the law that regulates the activities of the central bank.
governor Salehabadi also said that a special working group was formed to clarify the positions of the bank and the government into cryptocurrencies. While the executive authorities in Tehran only investigate to be used to use imports in Iran, to pay in Iran against it The restrictive policy. They believe that friendlier regulations would help Iran to bypass the sanctions led by the USA and boost its economy.
mining was the only crypto -related sector that has received more clarity in terms of regulation. In 2019, Iran recognized the extraction of digital currencies as a legal industrial activity and introduced a license regime for companies involved in the business. And although mining farms were held responsible for electricity shortage during the extremely hot summer of this year, there have been restrictions abolished for authorized crypto miners who, according to the state energy supplier Tavanir, count over 50.
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