Vice Governor (IT Technology) of Central Bank said: Soon we will see the implementation of pilot phase of Central Bank Digital Currency of Islamic Republic of Iran as 'RamzRial'.

IBENA- On the sidelines of the 7th Islamic Financial Conference, Mehran Mahramian, Vice Governor (IT Technology) of Central Bank said in response to a question from IBENA reporter about the use of cryptocurrencies in country's imports:  Use of cryptocurrencies in trade, especially in imports, was approved by Council of Ministers in October last year, and its executive regulations are being drafted and will be implemented soon. Fortunately, with good cooperation of Central Bank and Ministry of Industry, Mine and trade, the details of this issue are being formed. The goal is that country's commercial actors who want to use mined domestically cryptocurrencies to import to have the least obstacles. This issue is being investigated in working groups and therefore its implementation time is not yet known, he added.

Cryptocurrency is a phenomenon that is not borderline, but it is assumed that anyone who wants to use cryptocurrencies mined inside the country for import is not prohibited and has the approval of Council of Ministers, he stated. Central banks have proposed a national cryptocurrency to resolve the contradiction between decentralization, which is in cryptocurrencies and on the other hand, the issue of monetary sovereignty, which most central banks in the world are looking into, Vice Governor (IT Technology) of Central Bank continued. In Central Bank of Iran, this issue has been considered for several years and its technical affairs have been done, and fortunately, its regulations have been approved by Monetary and Credit Council. As a result, we will soon see the implementation of pilot phase of Central Bank Digital currency of Islamic Republic as RamzRial, he added. Use of RamzRial will be public and its function is like banknotes; But it will be published in digital space, Mahramian continued.


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