Articles

Blogs

Iran Launches Digital Rial Pilot for Domestic Micropayments on Kish Island

Jun 19, 2024

 Iran Launches Digital Rial Pilot for Domestic Micropayments on Kish Island
 Iran Launches Digital Rial Pilot for Domestic Micropayments on Kish Island
 Iran Launches Digital Rial Pilot for Domestic Micropayments on Kish Island

Iran's Central Bank is set to launch a public pilot of its central bank digital currency (CBDC), the digital rial, targeting domestic micropayments starting June 21 on Kish Island. This initiative aims to introduce an alternative payment method alongside cash and bank cards, allowing users to conduct transactions via barcode scanning without requiring interbank settlement. The digital rial pilot expands from an earlier 2023 trial, enhancing payment security and efficiency while laying groundwork for Iran's digital economy. Despite supporting domestic use, Iran restricts cryptocurrencies like Bitcoin for goods and services payments but permits trading under regulatory oversight since 2018.