The Central Bank of Iran has announced plans to launch a digital currency.
Called the “Digital Rial,” the central bank digital currency is part of efforts to modernize the country's banking system.
According to Iran’s central bank, the Digital Rial will be available sometime in 2025.
The digital currency is also viewed as a means of helping Iran to manage the economic sanctions that have been imposed on the country in recent years.
Rollout of the Digital Rial is expected to occur gradually and in a phased approach.
Other central banks around the world, including in Canada, have examined the feasibility of digital currencies.
But so far, very few nations have proceeded with plans for a central bank digital currency.
