The Iranian digital currency, known as the "crypto rial," will be tested, according to a statement from the Central Bank of Iran (CBI). During a conference on electronic banking and payment systems, Mohammad Reza Mani Yekta, the head of the CBI's payment systems supervisory division, revealed this information.

According to Yekta, the pre-trial phase has concluded with significant progress. He did not, however, go into additional detail about the trial phase's accomplishments. It is estimated that more than 90 central banks are involved in blockchain initiatives. The initial steps in that direction were made by Iran's monetary authorities in 2017, mostly in the form of technical measures.

Yekta emphasized that the banks announcement of the beginning of a pilot trial for the digital rial in September 2022 marked the CBDC's first release. The regulations that apply to digital rials are the same as those that apply to rial banknotes, he said.

Initially, commercial and national banks with the necessary infrastructure and services received digital money. The Central Bank of Iran has been looking into the possibility of creating a gold-backed stablecoin in addition to the digital rial for use in foreign transactions. According to reports in the Russian press, the CBI officials had a conversation about this issue with their Russian counterparts early this year.

For the Iranian government, testing the digital rial is a crucial step in launching its own digital money. The action aims to lessen the nation's reliance on the US dollar and get around Western nations' economic sanctions.