Iran: Launched Central Bank's pilot on national digital currency digital rial

On 18 June 2024, the Central Bank launched the Digital Rial payment system on Kish Island as the second step in the adoption process of the Central Bank digital currency (CBDC). The initiative allows banking network customers to conduct transactions without the need for physical cash or bank cards, using a digital wallet and barcode scanning technology provided by specific applications. The project, which began its pilot phase in 2022, aims to facilitate small-scale domestic payments and enhance the efficiency and security of payment methods. The Digital Rial, distinct from other forms of electronic money, enables immediate settlement between buyers and sellers.