Iran to Pilot ‘National Cryptocurrency’, Eyes Blockchain Technology for Stock Market CryptoGlobe
The Central Bank of Iran plans to launch the pilot phase of its digital currency project soon, an official disclosed. The Islamic Republic hopes to join a growing club of nations that want to take advantage of a sovereign coin, while also looking to implement blockchain technology in other areas.
Iran to begin state-backed digital currency trials
Iran’s monetary authority intends to pilot its central bank digital currency (CBDC) in the near future, said a senior representative of the financial regulator, quoted by the Iranian Labor News Agency (ILNA). The news comes in the fourth year since the project was first announced.
According to a statement by Mehran Moharamian, deputy governor for information technology at the Central Bank of Iran, the CCR sees digital currencies as a solution to resolve some inconsistencies and decentralize resources. Other countries have already started to benefit from CBDCs, he noted.
Moharamian did not provide specific details about the start of the pilot phase. Authorities in Tehran commissioned the country’s Computer Services Corporation to develop a “national cryptocurrency” in 2018. The CBI branch operates the country’s banking automation and payment services network.
Later, the company explained that the Iranian digital currency was designed using the Hyperledger Fabric platform, an implementation of a blockchain framework and one of the Linux-hosted Hyperledger projects. Foundation.
Blockchain should revive the Iranian stock market
Although Iran’s crypto space remains largely unregulated – apart from mining – another report this week said officials were looking at various ways to use the technology that underpins cryptocurrencies like bitcoin.
Iran’s capital market should genuinely consider using blockchain technology as it can help address some major equity market needs and create new opportunities for its revival, Majid Eshqi, Director of the Equity Market, recently commented. Iranian Securities and Exchange Organization. Quoted by SENA and the English-language economic daily Financial Tribune, he specifies:
At the latest, in two years, we will be forced to use blockchain technology… It won’t be long before we start tokenizing physical assets and stocks that are easily tradable on the new platforms.
He added that now is the time to consider the potential of blockchain technologies to solve some existing problems, such as verifying the identity of shareholders, for example, and to start the infrastructure process.
Earlier in January, Iranian media revealed that Tehran will allow local companies to use cryptocurrencies in international settlements with their partners abroad. The central bank and the government of the sanctioned country have reportedly given the green light for the adoption of a mechanism to facilitate payments with digital coins in the field of foreign trade.
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