Iran pronounces new details on its national cryptocurrency

Soraya Nildarar
Written by Soraya Nildarar

According to Iran Economist news agency, the primary unit in control of planning Iran’s national cryptocurrency has pronounced new details about the emerging currency’s outline characteristics.

Aboutaleb Najafi, who is the CEO of the executive arm of Iran’s Central Bank responsible for conducting the country’s banking automation and payment services’ network, said that the country’s cryptocurrency had been designed using the Hyperledger Fabric platform.

Iran had previously revealed procedures on issuing a national cryptocurrency based on rial and blockchain. The country’s state officials have recently detailed the attributes of the currency as follows:

The Central bank of Iran is the legal entity that develops, registers, and sells this cryptocurrency, and the volume of its issuance depends on the bank’s decision. The cryptocurrency has been developed under a private blockchain infrastructure and it cannot be mined like Bitcoin.

The Rial-backed currency has been outlined and evolved by The Informatics Services Corporations. It is worth considering that throughout its first phase, the token will be used as an instrument of payment for interbank transactions. In the second phase, it will grow to upkeep micropayments between people.

The infrastructure is assumed to be as an ecosystem accessible for Iranian banks and active organizations in the cryptocurrency space, after being tested and reviewed.

The Informatics Corporation has taken several actions towards Digital Currencies. For instance; it has worked on designing and developing a blockchain based network for the Banking system, targeting the banks of the country as the main Node. It has also worked on the opportunity of promoting a variety of applications. The organization’s other activities in this field include the KYC process development, which helps verify the identities of clients based on blockchain technology. So when a customer is asked for Id at a bank, his or her identification information is placed on the blockchain, so that it can also be used in other banks.

About the author

Soraya Nildarar

Soraya Nildarar

Leave a Comment