Iranian authorities expect to use the national digital currency (CBDC) to bypass US economic sanctions.
According to local media reports, the Central Bank of the Islamic Republic plans to provide access to the token to all test participants. However, the regulator has not yet named any specific dates for the appearance of the coin.
Officials are confident that with the help of CBDC they will be able to ensure financial stability. At the same time, the blockchain industry is currently not regulated in any way in Iran. Although several commercial banks still received from the Central Bank the right to launch an option for the exchange of tokens.
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Tehran has been developing a national digital currency since 2018. Initially, the Hyperledger Fabric platform was chosen for coin operations. The Iranian Blockchain and Cryptocurrency Association (IBCA) was then established under the government to oversee the industry.
At the same time, the Islamic Republic took miners seriously by introducing compulsory licensing of companies and citizens involved in crypto mining.