Concern over CBI’s crypto-rial program
As the Central Bank of Iran plans to pilot its long-awaited central bank digital currency (CBDC) project, the Crypto-Rial, by November, experts have expressed strong reservations about the practicality of this decision and its expected positive impact on the economy.
According to Ali Salehabadi, the head of the CBI, the bank has put in place an infrastructure and rules for the Crypto-Rial. Cryptocurrency is planned as a new type of national currency, like bills and coins, but completely digital.
From what is known from the CBI crypto program, digital currency is not designed to compete with global cryptocurrencies. Unlike bitcoin and other cryptos, CBDCs are centralized, non-anonymous, and compliant with anti-money laundering requirements.
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