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The central bank of Iran is getting prepared to start the genesis stage of its digital currency, its law chairman announced to the local media representatives. The country’s financial authority is moving forward with a plan to change the law that governs its activities.

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The “national currency” of Iran will commence its first stage, the current governor of the central bank of Iran (CBI) Ali Salehabadi has revealed.

While communicating with the reporters shortly after he met with the legislators, the newly appointed governor, said the regulators are now researching any potential risk coupled with the benefits that come with the endeavour.

Ali Salehabadi, who became the head of the CBI on the 6th of October, did not give out any other information regarding the Iranian central bank digital currency (CBDC). 

According to an English speaking business daily news, the directive of the project is likely to follow the earlier plans for the development of the country’s digital currency.

The report shows that some three years back, the informatics service corporation, a subsidiary of the central bank of Iran which operates the country’s banking automation and payment service networks, was given the task to oversee the development of the digital currency. 

Then, a prototype was designed using the Hyperledger Fabric platform, this was revealed by statements from its representatives.

This made it clear that Iran’s rial was developed on a private blockchain. And unlike other cryptocurrencies which are built on a public blockchain like Bitcoin, the Iranian state-issued coin is not going to be mined.

The Iranian media also reported that the central bank management and members of the Majlis have decided to establish a commission with an obligation to amend the laws concerning the CBI.

Salehabadi has also said that this special joint group will explain the position of the bank and the government on matters regarding cryptocurrencies.

While the authorities in Tehran are going after crypto investing and trading, only permitting banks to use coins minted in Iran to pay for imports, the legislators have opposed the restriction to circumvent the U.S sanction and to enable an economic boost.

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By Queen Helen

Data Scientist, Tech Enthusiast and a Crypto Lover

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