Introduction of Digital Rial: New Stage of Financial Revolution in Iran

The Central Bank of Iran has announced the introduction of a digital rial into public circulation, which will allow users to make purchases and transfer funds without the need to use paper money or bank cards. Customers will be able to simply scan the barcode generated by the e-wallet software, making the transaction process easier and faster.

Unlike traditional assets, the digital rial does not require interbank settlements to transfer funds between buyer and seller. This means that the money is available to the seller immediately after the transaction is completed, which significantly increases the efficiency and speed of financial transactions.

Iranian commercial banks Mellat and Tejarat are actively participating in the project of developing and implementing the digital rial. Their participation ensures the reliability and security of the new digital currency, and also contributes to its integration into the existing banking system of the country.

Kish Island has been selected as a region for test distribution of the central bank digital currency (CBDC). This choice is due to the developed resort and banking infrastructure of the island, which attracts not only local residents, but also foreign tourists. Testing on Kish will identify and eliminate possible shortcomings before large-scale implementation of the digital rial.

The introduction of the digital rial comes amid other significant developments in the world of digital currencies. For example, US company Tether recently launched a gold synthetic dollar, aUSDT, designed to mimic the price and functionality of the US dollar. However, unlike aUSDT, the digital rial is a national currency that is fully backed by the government, which adds to its uniqueness and trust among users.

The introduction of the digital rial by the Central Bank of Iran marks an important step in the development of the country's financial system. The new digital currency promises to simplify and speed up financial transactions, increase their security and accessibility for the general population. Successful testing on Kish Island will be a key step before the full implementation of the digital rial throughout the country, which could become an example for other countries considering the possibility of creating their own digital currencies.