The Central Bank of Iran (CBI) has revealed the start of a trial program to introduce the nation’s central bank digital currency (CBDC) on the picturesque southern island of Kish. The CBI announced that the digital rial will be accessible to both banking customers and tourists in Kish starting from the first day of the month of Tir (June 21). This launch marks an expansion of a test initiative that kicked off in May 2023 and involves partnerships with Iran’s Tejarat and Mellat banks. The digital rial is intended for use in retail transactions, such as the purchase of goods and services. Iran launched its digital currency project in 2021 following thorough research and approval from the country’s High Council of Money and Credit. The CBI highlighted that the introduction of the digital rial is aimed at enhancing Iran’s digital economy and reinforcing the resilience of its payment infrastructure.
