Crypto Rial

The Crypto Rial (In Persian language: رمز ریال),[1][2] also called National Crypto Rial,[3] National Crypto Currency, or National Digital Currency is a type of cryptocurrency announced by officials of the Central Bank of the Islamic Republic of Iran, which is based on the Iranian rial. It was unveiled in 2022 and intended to replace banknotes.[4][5][6][7][8]

History

In early autumn 2021, Iranian officials proposed launching a national crypto currency based on the rial. The governor of the Central Bank announced that the national crypto currency is an important item on the agenda, with infrastructure and regulations developed, and will be launched experimentally soon.[3][9]

In recent years, attention of investors and the public has turned to cryptocurrencies as a way to preserve value and invest.[3]

Structure

Upon issuing the Crypto Rial, individuals exchange their rial banknotes with the central bank for crypto rial. This crypto rial is not intended for investment but merely a replacement for physical banknotes.[4]

The central bank's goal in designing the Crypto Rial is to convert cash into a programmable and smart entity.[3]

The Deputy of Technology at the Central Bank explains that the Crypto Rial is stored inside mobile devices, with the bank acting as an intermediary for transferring funds. The main objective is to remove physical cash from people's pockets and transfer it into a digital system.[7]

One important feature of the Crypto Rial compared to banknotes is its high security level. Unlike common cryptocurrencies such as Bitcoin, the design of the Crypto Rial allows precise tracking of funds. Even in cases of theft or hacking of mobile phones, tracking is possible.[5][3]

The Central Bank launched the Crypto Rial officially in 2022.[10][8][11]

Criticism

The crypto rial already exists in Iranian bank cards.[3][10]

Its traceability challenges key features of global cryptocurrencies and is seen as a downside compared to cryptocurrencies like Bitcoin, undermining the original concept.[10]

See also

References

  1. ^ "رئیس بانک مرکزی: رمزریال از شهریور راه‌اندازی می‌شود" (in Persian). Radio Farda. 2022-06-24. Retrieved 2022-06-24.
  2. ^ "رمز ریال چیست و چه تفاوت‌هایی با رمز ارز دارد؟" (in Persian). Euronews Persian. 2022-01-27. Retrieved 2022-01-27.
  3. ^ a b c d e f "تولد رمز ریال ملی در ۱۴۰۱". ISNA (in Persian). 2022-03-23. Retrieved 2022-05-07.
  4. ^ a b "رمز ارز ملی اجرایی می‌شود". Mehr News Agency (in Persian). 2022-01-20. Retrieved 2022-05-07.
  5. ^ a b "تاریخ راه اندازی رمزارز ملی مشخص شد؟". Eghtesad Online (in Persian). 2022-03-24. Retrieved 2022-05-07.
  6. ^ "رمزارز مشترک ایران، چین و روسیه؟ / چرا «رمزارز ملی ایران» ایده‌ای شکست‌خورده‌است؟". Tejarat News (in Persian). Retrieved 2022-05-07.
  7. ^ a b "بانک مرکزی ایران: مرحله آزمایشی "رمزریال" آغاز می‌شود". DW.COM (in Persian). 2022-01-27. Retrieved 2022-05-07.
  8. ^ a b "رمز پول ملی در ماه‌های آینده به صورت آزمایشی، عملیاتی می‌شود". IRNA (in Persian). 2022-05-07. Retrieved 2022-05-07.
  9. ^ "سازوکار رمز ارز ملی". IRNA (in Persian). 2022-01-29. Retrieved 2022-05-07.
  10. ^ a b c "باید و نبایدهای رمزارز ملی". ISNA (in Persian). 2022-01-18. Retrieved 2022-05-07.
  11. ^ Dudley, Dominic. "Iran Launches Central Bank Digital Currency Scheme With Local Banks And Shops". Forbes. Archived from the original on 2025-07-25. Retrieved 2026-02-21.
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