Iran has officially revealed its central bank digital currency (CBDC) at a special event attended by Mohammad Reza Farzin, the Governor of the Central Bank of Iran (CBI), and top executives from various major banks. The central bank’s electronic issuance of this digital currency aims to simplify transactions within Iran’s banking system. To kickstart the project, a trial run will begin in July on Kish Island, with two prominent Iranian banks, Mellat and Tejarat, focusing on retail transactions. The introduction of the digital rial is a crucial aspect of Iran’s plan to strengthen its digital economy and payment infrastructure.
