Iran about to launch rial-backed national crypto

Posted 13 November, 2018

Iran keeps working on the launch of the country's national cryptocurrency that will be backed by Iranian rial. For now, the project is waiting for the green light from the Central Bank of Iran.

The chief executive officer of Informatics Services Corporation (ISC) Seyyed Abotaleb Najafi told Ibena, affiliated with CBO media agency that local banks might test the new asset, including its use in distributed infrastructure.

In fact, the country, the central bank particularly, targets the national digital coin considering it as a way to avoid US sanctions as well as the expansion of the banking services.

According to the released report, Iran's national digital coin will be pegged to the Iranian rial. Notably, rial remains unstable posting strong heavy volatility – the inofficial exchange rate is $1 = INR 143,000, while official one – $1 = INR 41,000.

"Iranian national cryptocurrency is in a pilot stage and after getting Central Bank of Iran's approval will be used in the country's banking system, adding in the first phase the blockchain banking infrastructure will be granted to Iranian commercial banks to use it as a token and payment instrument in transactions and banking settlement," commented Najafi.

It is worth mentioning that commenting on the support for the crypto, it was stated that while exchanging "each single national cryptocurrency unit, its rial equivalent in the central bank's account is blocked, therefore, it never creates liquidity."

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13 November, 2018 13:27

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