The Central Bank of Iran (CBI) is gearing up to launch the first phase of its CBDC (central bank digital currency) in the coming months.
Reports emanating from the Iranian Labor News Agency suggest that the token could ease the financial uncertainties ravaging the country. There has been talks of Iran introducing a CBDC as far back as 2018. However, there’s been no concrete news of when citizens can expect to use it.
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It can be too far off anymore, though, after the CBI revealed that the testing phase is all but complete and the development of the CBDC will proceed to the pilot stage. Launching a CBDC became a matter of necessity for Iran following the economic sanctions imposed on the country by the United States. Iran hopes that in the near future, it will be able to settle International trades using digital currencies.