Iran's Own Stablecoin!? #shorts

8 Mar 2023 · 1 min

Watch on YouTube

0:52

In this YouTube short, the speaker outlines Iran's plan to launch a state‑backed digital currency called the Crypto Rial. The initiative was first announced by the Central Bank of Iran in 2018 as a strategy to circumvent U.S. economic sanctions and restore access to the global financial system. The Crypto Rial is intended for domestic transactions and is officially backed by the Iranian government. After years of development, the government announced in August 2022 that it would begin testing the digital rial. The speaker notes both enthusiasm for a sovereign CBDC and concerns about security, potential illicit use, and the broader implications of a functioning Iranian CBDC, ending with a call for viewers to share their thoughts in the comments.

Chapters

Did you know that in 2018, the Central Bank of Iran actually announced plans to launch its own digital currency as a way to bypass US economic sanctions? The move was seen as a response to the US government's decision to cut off Iran's access to the international financial system, which is bound to happen to more countries around the world. But I digress. The digital currency, which was dubbed the Crypto Rial, was said to be backed by the Iranian government and would be used for domestic transactions. While the announcement was met with enthusiasm from some in the Iranian Others, rightfully so, expressed concerns about the security of the digital currency and the potential for it to be used to facilitate illegal activities. In August 2022, the Iranian government announced that it'll start testing the digital rial. What do you think? Will Iran come out with the world's first functioning CBDC? Let me know in the comments.