Iran has good news for its citizens as it has announced the launch of its pilot for digital rial.
Iran Launches Crypto Rial Pilot
According to the latest reports, Iran has launched the pilot for its central bank digital currency (CBDC). Iran prefers to call their digital currency the “crypto rial”.
It was on Thursday, the Iranian Government made the announcement surrounding the launch of a pilot for the CBDC.
The announcement surrounding the launch of the CBDC pilot has been made by the officials of the Chamber of Commerce, Agriculture, Mines, and Industries of Iran.
Iran’s Crypto Rial
It is a trend that the majority of the countries such as Russia, China, Turkey, and many other countries working on CBDCs give their digital currencies the traditional names.
The traditional names of CBDCs are e-ruble, e-yuan, e-lira, etc. However, Iran has decided to go with “crypto rial”, which sends a different message to the cryptocurrency community.
There might be a hint for the cryptocurrency community based in Iran and in foreign that their e-rial will be linked with cryptocurrencies.
Iran is among the countries that have benefited tremendously from adopting cryptocurrencies. The country managed to generate high revenue from the Bitcoin they had been mining within the country.
The country is even letting its businesses perform trades with the outside world in cryptocurrencies. This can be another major advantage for the locals in the country to use their local currency with cryptocurrencies.
Aim Explained by the Iranian Government
According to the government of Iran, their aim is to pass their bank notes through the transition phase. They will turn the bank notes into programmable assets in the upcoming years.
Their aim is to carry their crypto rial through as many test pilots as possible. This way, they will be able to fix any problems or glitches promptly that may arise with the digital currency.
The Chamber has announced that they have paid a lot of attention to the security of the digital currency. They have taken all the necessary measures to ensure their crypto rial is strong and highly resilient against any kind of hack attacks.
Crypto Rial will be Tracked Easily
The Chamber has also revealed that they have added certain features into the development of the crypto rial to make it easily trackable.
Even if a hacker manages to hack them and steal them, they will be able to track the stolen crypto rial.
Iran is now becoming one of the fastest-growing countries in the Asian region after China adopted cryptocurrency and blockchain technology.
The country may become even more welcoming to the cryptocurrency industry in the upcoming years as it is after digital advancement.