Crypto rial is not designed to go up against established cryptocurrencies like bitcoin and ether.
According to the news service of the nation’s Chamber of Commerce, Industries, Mines and Agriculture, the Central Bank of Iran (CBI) announced that it will soon begin “the pilot launch of crypto rial.” The crypto rial will digitally represent the nation’s official currency.
In the report, the Central Bank said that “the aim of designing the crypto rial is to turn banknotes into a programmable entity”.
Recently, the Iranian government approved a comprehensive regulatory framework for cryptocurrencies. Under the new regulatory framework, crypto miners have also been licensed to operate once again.