Although the People’s Bank of China is the registered leader of the digital currency (CBDC) race, countries CBDC The races for a share of the cake still continue.
The latest development on the subject is from Iran! Currently on the agenda IranianThere is a pilot launch for the CBDC soon.
Although the Central Bank of Iran (CBI) has not detailed the time frame of the program, it is spoken in the lobby that the application in question will be implemented soon.
According to a report by the Iranian Workers’ Party News Agency, the Deputy Governor of the CBI thinks that CBDCs can be an important help in overcoming the country’s financial inconsistencies.
In fact, 4 years ago, work on the development of a sovereign digital currency in the country was initiated at the Information Services Authority, the executive arm of the CBI.
Now that these efforts are coming to fruition, the development phase has been completed and a pilot application is planned to be launched soon.
It is known that the CBDC in question was developed using the Hyperledger Fabric platform hosted by the Linux Foundation.
Iran And The Crypto World
The oppressive economic sanctions imposed by the USA on Iran caused great economic difficulties in the country.
The Iranian government, which is looking for ways to deal with all these problems, turned to the field of crypto money. After all, the country took its place among the countries that legalized Bitcoin (BTC) mining, but the frequent power cuts in the country led to the frequent suspension of mining activities.
At this point, CBDC may be an important escape plan for Iran. The country seeks to use cryptocurrencies for international trade to avoid trade sanctions.