The Iranian authorities hope to use their own national digital currency (CBDC) to circumvent the economic sanctions imposed by the United States.
As reported by local media, the Central Bank of the Islamic Republic of Iran plans to provide access to the token to all test participants. However, the regulator has not yet unveiled any specific date for the currency’s appearance.
Officials are confident that with the help of the CBDC they will be able to ensure financial stability. At the same time, the blockchain sector is currently unregulated in Iran. However, several commercial banks have received authorization from the Central Bank to launch an option for the exchange of tokens.
Tehran has been developing a national digital currency since 2018. Initially, the Hyperledger Fabric platform was chosen for coin transactions. The Iranian Blockchain and Cryptocurrency Association (IBCA) was then created under the government to oversee the sector.