According to Cointelegraph, the Central Bank of Iran (CBI) has completed a pre-pilot phase for the launch of its digital rial CBDC.
The project, which aims to improve financial inclusion and compete with global stablecoins, will soon be launched in other ecosystems and used by more users. The digital rial will be pegged to the Iranian rial at a 1:1 ratio and will run on a platform developed using Hyperledger Fabric.
Ten banks in Iran have already applied to join the project. The news comes as the Bank of Russia’s governor, Elvira Nabiullina, is expected to visit Iran soon, potentially related to a gold-backed stablecoin for foreign trade.