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Al Jazeera

Business

Maziar Motamedi

Why is Iran turning to a new ‘digital rial’?

Iran Economy Al Jazeera Crypto

Iranians will soon be able to use 'digital rials' as part of a new government scheme [File: Mohamadreza Nadimi/WANA (West Asia News Agency) via Reuters]

Tehran, Iran – A national digital currency is coming to Iran, with the country’s central bank planning to launch a pilot “digital rial” project in the coming days.

The central bank digital currency (CBDC), which has also been referred to as the “crypto rial”, is expected to remain pegged at a 1:1 ratio to the rial, the national currency.

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