The Central Bank of Iran (CBI) has unveiled an innovative pilot initiative to introduce the nation’s central bank digital currency (CBDC) on the picturesque southern island of Kish. In an announcement made on Tuesday, the CBI revealed that the digital rial will be accessible to both banking customers and tourists in Kish, commencing from the first day of the calendar month of Tir (June 21). This landmark launch marks a significant expansion of the pilot program that commenced in May 2023, in close collaboration with Iran’s esteemed Tejarat and Mellat banks. The digital rial will serve as a medium for retail transactions, allowing individuals to effortlessly purchase goods and services. Iran embarked on its digital currency venture in 2021, following meticulous preliminary studies and subsequent approval from the country’s esteemed High Council of Money and Credit. The CBI has underlined that the primary objective behind the introduction of the digital rial is to fortify Iran’s digital economy and enhance the resilience of its payment infrastructure.
