Iran to Pilot ‘National Cryptocurrency,’ Considers Blockchain Tech for Stock Market
The Central Bank of Iran soon plans to launch the pilot phase of its digital currency project, an official unveiled. The Islamic Republic hopes to a join a growing club of nations that want to take advantage of having a sovereign coin, while it also seeks to implement blockchain technology in other areas. Iran to Begin State-Backed Digital Currency Trials
The monetary authority of Iran intends to pilot its central bank digital currency (CBDC) in the near future, a high-ranking representative of the financial regulator said, quoted by the Iranian Labour News Agency (ILNA). The news comes in the fourth year since the initial announcement of the project.
According to a statement by Mehran Moharamian, deputy governor for IT at the Central Bank of Iran, the CBI sees digital currencies as a solution for resolving certain inconsistencies and decentralizing resources. Other countries have already begun to benefit from CBDCs, he noted.
Moharamian did not provide specific details about the start of the pilot phase. Authorities in Tehran tasked the country’s Informatics Services Corporation with developing a “national cryptocurrency” in 2018. The CBI arm is operating the country’s banking automation and payment services network.
Later, the company explained that the Iranian digital currency has been designed using the Hyperledger Fabric platform, a blockchain framework implementation and one of Hyperledger’s projects hosted by the Linux Foundation. Blockchain Expected to Revive Iranian Stock Market
Although the Iranian crypto space remains largely unregulated — aside from mining — another report this week indicated that officials have been looking for various ways to employ the technology that underpins cryptocurrencies like bitcoin.
Iran’s capital market should genuinely consider using blockchain technology as it can help address some major needs of the share market and create new opportunities for its revival, Majid Eshqi, head of the Iranian Securities and Exchange Organization recently commented. Quoted by SENA and the English-language business daily Financial Tribune, he elaborated: At the latest, in two years we will be compelled to make use of blockchain technology… It will not be long before we start tokenizing physical assets and stocks that can be easily traded on the new platforms.
He added that the time has come to consider the potential of blockchain technologies to solve some existing issues, such as identity verification of shareholders, for example, and start the infrastructure process.
Earlier in January, Iranian media revealed that Tehran is going to 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 to the adoption of a mechanism facilitating payments with digital coins in the field of foreign trade. Tags in this story Bank, Blockchain, blockchain technology, CBDC, cbi, Central Bank, central bank of iran, Crypto, crypto technology, Cryptocurrencies, Cryptocurrency, Digital Currency, Iran, Iranian, national cryptocurrency, Stock Market, tokenized assets
Do you think Iran will continue to explore ways to implement cryptocurrency and blockchain technology? Tell us in the comments section below. Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Bank of Russia to Monitor Banks’ Dealings With Crypto Exchangers FINANCE | 18 hours ago Blockchain Firm Animoca Brands Raises $358 Million to Enhance Web3 and the Metaverse FINANCE | 4 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBotswana Cryptocurrency Regulation: Government Set to Present Virtual Asset Bill to Parliament Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNear Foundation Raises $150 Million to Bolster Web3 Adoption
On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% ... read more.Russia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition Revolut Launches Banking Services in Spain Featuring Deposit Insurance Swiss National Bank Trials CBDC in Transactions With Five Banks Survey: Proportion of South African Crypto Holders Grows to 11.3%, 56% of Crypto Owners Hold Bitcoin