Central Bank of Iran (CBI) to issue national crypto

Syed AhadWeb Editor

01st Sep, 2021. 10:43 pm
Central Bank of Iran

The Central Bank of Iran (CBI) is in the procedure of having its virtual money (CBDC) issued, informed by a banking official.

The Central Bank of Iran seeks to cut the price of printing cash plus the risk of domestic private sector electric transactions.

CBI has been formulating itself for the past months to license imports of goods into the state through domestically mined cryptocurrencies (rial-based ones); i.e., Iran will shortly join the club of national cryptocurrency holders.

Only cryptos resulting from miners’ official by the Ministry of Industry, Mines, and Trade can be used, as per the new central bank announcement.

Authorized banks and exchange businesses that follow the CBI standards can pay for imports in cryptocurrencies.

The CBI has taken this unprecedented step in an effort to mitigate the impact of international sanctions on Iranian financial transactions with the rest of the world.

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