Iran's Own Stablecoin!? #shorts

8 Mar 2023 · 1 min

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In this short video, The Art of Crypto explains that Iran’s Central Bank announced in 2018 a plan to create a government‑backed digital currency called the Crypto Rial, intended to help the country bypass U.S. economic sanctions. The speaker notes the announcement generated enthusiasm but also raised concerns about security and the potential for illicit use. He then updates viewers that in August 2022 Iran began testing the digital rial and asks whether Iran might become the first nation to launch a functioning central bank digital currency (CBDC), inviting 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.