The Central Bank of Iran will launch a pilot for the CBDC "Digital Rial"

According to Al Jazeera, the Central Bank of Iran plans to launch a pilot for the CBDC "Digital Rial" in the coming days. Iranian officials hope to achieve better control over their national currency through the Digital Rial while providing new opportunities for financial participants. The Digital Rial will operate on the Borna platform, which is developed based on IBM's open-source enterprise blockchain platform Hyperledger Fabric.

The Digital Rial will be based on distributed ledger technology. According to Saeed Khoshbakht, one of the Borna developers, four banks will be designated as nodes to jointly operate the distributed ledger of the Digital Rial, and the number of banks may continue to increase. Additionally, the platform will support smart contracts in the future and allow fintech companies to provide services within the platform framework, reforming the current fee structure in the country's financial sector. (Source link)