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Iran will test its ‘National Cryptocurrency’ and is considering blockchain technology for the stock market.

An official from Iran’s Central Bank said that the pilot phase of the country’s digital currency initiative would begin shortly. The Islamic Republic aims to join a growing group of countries that wish to benefit from having their currency, as well as implementing blockchain technology in other sectors. Although aside from mining, the Iranian crypto industry remains mainly uncontrolled, another report this week revealed that officials have been exploring for alternative methods to exploit the technology that supports cryptocurrencies such as bitcoin.

The Iranian stock market is expected to be revived thanks to blockchain technology.

Trials of a state-backed digital currency will begin soon in Iran

Iran’s central bank digital currency (CBDC) will be piloted shortly, according to a high-ranking representative of the financial regulator reported by the Iranian Labour News Agency (ILNA). The announcement was made in the fourth quarter.

The CBI sees digital currencies as a solution for addressing some anomalies and decentralising resources, according to Mehran Moharamian, deputy governor for IT at the Central Bank of Iran. CBDCs have already begun to help other nations, he said.

Moharamian did not disclose any detailed information regarding the pilot phase. In 2018, the Iranian government entrusted the country’s Informatics Services Corporation with creating a “national cryptocurrency.” The CBI arm runs the banking automation and payment services network in the nation.

According to the business, the Iranian digital currency was created utilising the Hyperledger Fabric platform, a blockchain framework implementation and one of Hyperledger’s projects hosted by the Linux Foundation.

Irans’s statement

According to Majid Eshqi, the president of the Iranian Securities and Exchange Organization, the capital market in Iran should seriously explore adopting blockchain technology since it may assist address some of the stock market’s most pressing issues and open up new avenues for its recovery. As quoted by SENA and the English-language business newspaper Financial Tribune, he elaborated.

 

“We will be forced to utilise blockchain technology in two years at the latest. It won’t be long until tangible goods and equities are tokenised and readily exchanged on the new platforms”

 

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