Breaking: Iran studying various options on official digital currency: CBI chief
Central Bank of Iran (CBI) Governor Abdolnasser Hemmati says the bank is considering various options on how it can issue an official digital currency amid a global race to modernize payments systems and reduce the risks related to privately issued cryptocurrencies.
According to Press TV, Hemmati said on his Instagram page on Sunday that experts at the CBI were working on laws and regulations needed to issue a digital currency in the country.
He said the bank had already compiled a draft of “Iran’s Comprehensive Document on Cryptocurrency”.
“Studying this new international trend and concentrating on various models, the CBI is searching for the best possible strategy in this field,” said the chief banker.
Central banks around the world have been involved in efforts to issue digital currencies amid a surge in demand and popularity for cryptocurrencies in recent years.
The People’s Bank of China’s (PBOC) announced in October that it was issuing 10 million yuan ($1.5 million) worth of digital currency to a total of 50,000 randomly selected consumers.
Similar moves in other countries have been aimed at enabling people to use the new currency in day-to-day banking activities and to test the capacities of cryptocurrencies to become a component of policy-making in the national banking systems.
Hemmati said the CBI would seek to use its new cryptocurrency to increase controls on credit transfers while it may even lead to some changes in the bank’s way of regulating the monetary system in Iran.
He said the CBI would also try to promote the use of Iran’s “National Cryptocurrency” in the international markets.