Iran to launch digital rial on Kish Island

Central bank aims to develop digital micropayments domestically

Iranian rials

Iran will begin testing its prototype central bank digital currency (CBDC) on Kish Island in the Persian Gulf.

The Central Bank of the Islamic Republic of Iran said today that it will begin testing the “digital rial” from June 21, or Tir 1 in the Iranian calendar.

Users can scan a barcode to make purchases and transfer money, without using paper money or bank cards. The central bank began testing a prototype CBDC in 2022.

Two commercial banks, Mellat Bank and Tejarat, will participate in the

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