Bank

Daily

The Central Bank of Iran is preparing to launch its digital currency, the<a href="https://www.unlock-bc.com/98156/iran-advances-in-cbdc-development-with-completion-of-pre-pilot-phase/"> Digital Rial</a>, as part of a broader initiative to modernize the country’s banking system and strengthen international financial cooperation. Mohammad Reza Farzin, Governor of the Central Bank of Iran, revealed these plans during the 11th Annual Conference on Modern Banking and Payment Systems, as reported by Tasnim News Agency. 
<figure class="wp-block-image size-large">
 <img decoding="async" width="978" height="1024" src="https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/11/iran-cbdc-978x1024.webp" alt="" class="wp-image-133411" srcset="https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/11/iran-cbdc-978x1024.webp 978w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/11/iran-cbdc-286x300.webp 286w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/11/iran-cbdc-768x804.webp 768w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/11/iran-cbdc.webp 996w" sizes="(max-width: 978px) 100vw, 978px">
 <figcaption class="wp-element-caption">
 Source: <a href="https://x.com/IranDailyWeb/status/1861238973114331505">Iran Daily</a>
 </figcaption>
</figure> 
Farzin described the conference as a key opportunity to evaluate policies and define the future direction of Iran’s banking system. “As the Governor, this platform allows me to evaluate strategies and set the course ahead. We will incorporate the insights shared here into our policymaking,” he said. 
Farzin highlighted the strengths and challenges of Iran’s banking system, noting its strong digital infrastructure. “Iran’s Shetab payment network, with transactions processed in under two seconds, is among the most efficient in the region,” he emphasized. 
Farzin confirmed that the Digital Rial would soon be operational and underscored the Central Bank’s commitment to modernizing banking. “Developing innovative banking systems is a central bank’s responsibility worldwide, and we are determined to fulfill this duty in Iran,” he added. 
Addressing international banking challenges, Farzin acknowledged the impact of sanctions but also highlighted Iran’s progress with alternative financial solutions. “Sanctions remain a significant hurdle, but we’ve made notable strides in recent years,” he said, referencing the introduction of the “ACU-MIR” system. 
The ACU-MIR platform, designed for Asian financial cooperation, acts as an alternative to SWIFT, enabling transactions with countries like India and Pakistan. Farzin pointed out that the system became fully operational on October 2 and has enhanced Iran’s ability to navigate sanctions effectively. 
“We’ve replaced SWIFT with this platform and strengthened our ties with BRICS, which is shaping global trade with a strategic plan through 2025,” Farzin noted. He explained that the BRICS plan focuses on expanding the use of local currencies, providing Iran with opportunities to integrate into the system. “China and Russia are already advancing in this direction, and we aim to settle transactions using BRICS currencies,” he said. Additionally, he mentioned a cross-border settlement platform in its early stages, which could further facilitate international financial transactions. 
Regarding regional connectivity, Farzin shared updates on linking Iran’s Shetab payment network with Russia’s MIR system. “Recently, Shetab connected with Russia’s MIR, and several banks are now operational on the system,” he stated. Although the rollout is still in its early stages, Farzin expressed optimism about its expansion. 
Looking ahead, Farzin announced plans to allow Russian tourists to use Iran’s point-of-sale systems this winter and enable Iranian tourists to access Russian POS services by early 2025. 
The post <a href="https://www.unlock-bc.com/133409/irans-central-bank-plans-digital-rial-launch-and-new-financial-strategies/">Iran’s Central Bank Plans Digital Rial Launch and New Financial Strategies</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Iran’s Central Bank Plans Digital Rial Launch and New Financial Strategies

UNLOCK_ENG

Other articles published on Nov 28, 2024

ETH outperforms BTC amid rise in open interest: Bybit x Block Scholes report

New Altcoin Opportunities Emerge in Market

Is PEPE Paving the Way For Price Recovery Amid Resuming AltSeason?

Binance Airdrop Portal Welcomes Thena (THE) as Second Project

231M $TICS Sold and Counting – Why Qubetics Is the Best Crypto to Buy Today Amid Tron’s USDT Domi...

Hong Kong vs. Singapore: The Ultimate Crypto Tax Battle Begins

Join our free newsletter for daily crypto updates!