Iran’s Central Bank Plans ‘National Cryptocurrency’

Amending its Central Bank Law soon, Iran is planning to trial a ‘National Cryptocurrency.’ The Central Bank of I. R. Iran (CBI) is bracing to test a digital currency soon (reforming the relevant governing legislation).

In a lawmakers’ meeting, while addressing the reporters, CBI’s Governor Ali Salehabadi was quoted by IRIB News and Financial Tribune, saying:

The pilot trial will start, once the Money and Credit Council approves it.

The nuances associated with launching a national digital currency are being studied by central bankers of Iran, noted the Governor.

Earlier, a 15 May 2021 CBI press release indicates the then CBI Governor Abdolnaser Hemmati stating in an Instagram post the following:

There has been lots of discussions among the world’s scholars and central bankers about national crypto money and its interrelation with cryptocurrencies. Particularly many researches has been conducted about cryptocurrencies regulations and their impact on monetary and forex policies.

It is apparent since then itself that Iran’s national cryptocurrency will be built on a private blockchain, and will not be mineable. It will not be a decentralized currency, and will not be utilized for cashless transactions.

A working group has been formed “to clarify the standpoints of the central bank and the government regarding cryptocurrencies.”

A joint commission is designated by the CBI’s newly formed members and management to update the CBI’s governing legislation.

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