Central Bank of Iran to launch CBDC pilot soon

Reportedly, the Central Bank of Iran is planning to launch a Central Bank Digital Currency (CBDCs) pilot soon. 

The increasing use case of Blockchain technology is now going under huge adoption by the majority of the Central banks in the whole world. Every developing and developed countries’ Central banks are doing their research and development work on blockchain technology to adopt Central Bank Digital Currency (CBDCs). Now in this list, Iran is also showing a better appearance. 

According to a report by the Iranian Labour News Agency, the Iranian Central Bank will launch its CBDC pilot soon. The report confirmed that Iran is ensured with the adoption of blockchain technology. 

Reportedly, the vice governor, Central Bank of Iran, said that CBDCs will help Iran to solve the issues of the traditional financial system. 

The majority of the reports confirmed that research and development work on the Iranian CBDC ( Iranian Sovereign digital currency) has been completed but CBI didn’t informed yet about this work in the public domain. 

Crypto news website Cointelegraph contacted Hyperledger Fabric platform, hosted by the Linux Foundation, to know about the details of Iranian CBDC development works. But Cointelegraph failed to get information. Reportedly Iranian CBDC development is going on the Hyperledger Fabric platform. 

In the mid of October 2021, a few reports came to light from Iran, where officials were planning to bring official laws for the CBDC. 

Right now, Iran is against Bitcoin/crypto mining but on the other hand, they are working to bring legislation to adopt the crypto assets to use in the global trade payments. These efforts by Iran, showing that country is crypto & blockchain-friendly but due to a lack of energy sources, they don’t want to welcome crypto mining operations anymore.

Read also: Opera launches its beta version of crypto Web3 brower