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The Central Bank of Iran (CBI) is reportedly planning to launch a central bank digital currency (CBDC) pilot soon.
according to a Report The deputy governor of the CBI stated by the Iranian Labor News Agency that CBDC can help the country resolve financial conflicts.
The development of Iran’s sovereign digital currency began in 2018 by Informatics Services Corporation, the executive arm of the CBI. The development phase has been completed and a pilot will be launched soon. However, the CBI did not reveal many details about the time frame.
The Iranian CBDC was reportedly developed using the Hyperledger Fabric platform hosted by the Linux Foundation. Cointelegraph reached out to Hyperledger for comment but did not hear back at the time of publication.
Iran has experienced significant financial and economic difficulties as a result of the severe economic sanctions imposed on it by the United States.
Among these issues, Iran has turned to cryptocurrencies and was one of the first countries to legalize Bitcoin (bitcoin) mining to revive the economy, however, it must Temporary closure of mining operations In many cases, due to severe power shortages and blackouts.
Iran also wants to use cryptocurrencies for international trade in hopes of bypassing trade sanctions.as report Cointelegraph, CBI and the Ministry of Trade have reached an agreement to connect CBI’s payments platform to a transaction system that allows businesses to settle payments using cryptocurrencies.
Currently, nearly 100 countries are working on sovereign digital currencies, but only a few have entered the pilot phase.China is currently at the forefront: CBDC development was completed in 2019, and currently Mass testing across provinces and retail sectors.
related: Iran halts authorized crypto mining to save winter energy
Several cross-border pilots have been carried out in France and Switzerland. South Korea, Japan and Russia are expected to conduct trials in 2022, while the U.S. is still in discussions. According to the Atlantic CBDC Tracker, 9 countries have launched CBDCs, 14 are in the pilot stage, 16 are in the development stage, 41 countries are still researching, and two countries have cancelled CBDC plans.
CBDC Development Tracker Source: atlantic council
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