The Central Bank of the Islamic Republic of Iran announced the date and place of the launch of its own digital currency – June 21 in the free trade zone on Kish Island in the south of the country.

Clients of the Digital Real service will have the opportunity to make purchases and transfer funds to other users without using paper money or bank cards, the Central Bank announced. You will need to scan the barcode generated by the e-wallet software.

Unlike other assets, digital real does not require interbank settlements to transfer funds between buyer and seller: the money is immediately available to the seller after the transaction.

Currently, Iranian commercial banks Mellat and Tejarat are participating in the project for the development and implementation of the digital rial. Kish Island was chosen as a region for testing the distribution of the central bank’s digital currency (CBDC) due to its developed resort and banking infrastructure, designed, among other things, for foreign tourists.

Previously, the American company Tether launched a gold synthetic dollar aUSDT, designed to imitate the price and functionality of the US dollar without being directly backed by it.