The issuance of the Iranian national cryptocurrency will help solve the country’s financial problems, said Vice Chairman of the Central Bank of Iran (CBI) Mehran Moharamyan.
Since 2018, the CBI-established Informatics Services company has been developing CBDC in Iran. The project has passed the final stage of development and should soon begin work. However, the central bank does not name the exact dates.
The Iranian CBDC was developed on the Hyperledger Fabric platform from the Linux Foundation. The national cryptocurrency is designed to help the country cope with the tough economic sanctions imposed by the United States.
Recall that Iran was one of the first in the world to legalize bitcoin mining in order to revive the economy. However, the authorities have repeatedly had to suspend mining due to problems with a lack of electricity.
The CBI and the Iranian Ministry of Commerce recently allowed Iranian companies to use cryptocurrency payments for settlements with foreign partners.
Nearly 100 countries are currently developing sovereign digital currencies. China was the first in the world, back in 2019, to release the CBDC, and at the moment the “digital yuan” is being massively tested in different provinces of the country.
Although all leading countries are developing CBDCs, not everyone sees the future behind national cryptocurrencies. The Bank of England’s chief economist said last summer that CBDCs could destroy the foundations of the global banking system.
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