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Central Bank of Iran Successfully Completes Pre-Pilot Stage of CBDC Development

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It is reported that according to an official statement from the Monetary and Banking Research Institute (MBRI), a research institution under the Central Bank o…

Central Bank of Iran Successfully Completes Pre-Pilot Stage of CBDC Development

It is reported that according to an official statement from the Monetary and Banking Research Institute (MBRI), a research institution under the Central Bank of Iran (CBI), CBI has successfully completed the pre-pilot stage of the development of CBDC in Iran.

The Bank of Iran has completed the pre-pilot stage of CBDC development

Analysis based on this information:


The Central Bank of Iran (CBI) has completed the pre-pilot stage of the development of a central bank digital currency (CBDC), according to an official statement from the Monetary and Banking Research Institute (MBRI). This marks a significant step forward for Iran in the race to develop a digital version of its currency.

CBDC is a digital version of a country’s fiat currency, which is issued and backed by the central bank. It offers several advantages over traditional cash, such as faster and cheaper transactions, greater security, and increased financial inclusion. Many central banks around the world are exploring the possibility of issuing CBDCs as a way to modernize their monetary systems.

Iran has been a latecomer to the CBDC development race, due in part to sanctions imposed by the US. However, the country has been working on the project since at least 2018, and the latest announcement suggests that it is making progress. The pre-pilot stage is a crucial phase in the development of a new technology, as it allows the developers to test the system and identify any problems before rolling it out to a wider audience.

The MBRI statement did not provide any details about the features or specifications of the Iranian CBDC, nor did it specify when it would be launched. However, it did note that the CBI has been collaborating with other government agencies and private sector firms on the project.

The development of a CBDC in Iran could have several benefits for the country. Firstly, it could help to improve the efficiency and effectiveness of the domestic financial system, particularly in the areas of cross-border payments and remittances. Secondly, it could provide a means of bypassing US sanctions, which have limited Iran’s access to the global financial system. Finally, it could contribute to the modernization of the Iranian economy and help to position the country as a leader in the field of fintech.

In conclusion, the completion of the pre-pilot stage of CBDC development by the Central Bank of Iran is a positive development for the country. While there is still a long way to go before the digital currency is rolled out to the public, the fact that progress is being made is encouraging. Iran could potentially reap significant benefits from the adoption of a CBDC, and this could help to spur further innovation and growth in the country’s fintech sector.

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