Iran launches CBDC pilot project on Kish Island

ChainCatcher news, the Central Bank of Iran (CBI) has announced the launch of a pilot program to introduce the country's Central Bank Digital Currency (CBDC) on Kish Island in the south. The CBI stated on Tuesday that starting from June 21, bank customers and visitors in Kish will receive digital rials.

This launch expands the pilot program that began in May 2023, involving collaboration with Iran's Tejarat and Mellat banks. The digital rial will be used for retail transactions, including the purchase of goods and services. Iran initiated its digital currency program in 2021 after preliminary research and approval from the country's High Monetary and Credit Council.