Iran's Central Bank to Launch Digital Rial, Developed Since 2018, in Partnership with Russia Amid Sanctions

Nov 26, 2024, 06:11 PM

Iran's Central Bank has announced the imminent launch of its central bank digital currency (CBDC), the digital rial, aimed at enhancing payment systems and improving international financial integration despite ongoing sanctions. The announcement was made by Central Bank Governor Mohammad Reza Farzin during a national banking conference, highlighting that the digital rial has been under development since 2018. This initiative aligns with Iran's broader strategy to counter U.S. sanctions, and it appears to be part of a partnership with Russia, which is also developing its own digital currency, the digital ruble. The digital rial is expected to facilitate retail transactions and streamline payments, marking a significant step in Iran's financial modernization efforts.