Iran Is Testing A ‘National Cryptocurrency,’ Considering Using Blockchain Technology In The Stock Market.

According to an official, the Central Bank of Iran expects to begin the pilot phase of its digital money initiative shortly. The Islamic Republic aims to join a growing group of countries that wish to benefit from having a sovereign coin, while also implementing blockchain technology in other sectors.

Iran’s central bank digital currency (CBDC) will be piloted in the near future, according to a high-ranking official of the financial regulator, as cited by the Iranian Labour News Agency (ILNA). The announcement comes four years after the project was first announced.

According to Mehran Moharamian, deputy governor for IT at the Central Bank of Iran, digital currencies are seen as a method for addressing anomalies and decentralizing resources. CBDCs have already begun to help other countries, he observed.

Moharamian did not disclose any specifics regarding the pilot phase’s commencement date. In 2018, Tehran authorities entrusted the country’s Informatics Services Corporation with producing a “national cryptocurrency.” The CBI subsidiary manages the country’s banking automation and payment services network.

Later, the business claimed that the Iranian digital money was created utilizing the Hyperledger Fabric platform, a blockchain framework implementation hosted by the Linux Foundation.

Although, aside from mining, the Iranian crypto industry remains mainly uncontrolled, another report this week revealed that officials have been exploring for alternative methods to utilize the technology that supports cryptocurrencies such as bitcoin.

The president of the Iranian Securities and Exchange Organization, Majid Eshqi, recently said. He elaborated, as quoted by SENA and the English-language business newspaper Financial Tribune:

“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 noted that the moment has come to evaluate the possibilities of blockchain technology to solve certain existing difficulties, such as shareholder identification verification, and to begin the infrastructure process.

Earlier this month, Iranian media reported that Tehran will enable local businesses to utilize cryptocurrency in international settlements with their foreign counterparts. According to reports, the sanctioned country’s central bank and government have approved the implementation of a framework to facilitate payments using digital currency in the realm of foreign commerce.

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