Digital rial

Main article: National Cryptocurrencies (CBDC)

Chronicle

2024: Digital rial started to be used in Iran-Russia trade

In trade operations between Iran and Russia, a digital offshore rial began to be used. This was announced on June 23, 2024 by the Chairman of the Central Bank of Iran Mohammad Reza Farzin, noting that the introduction of this financial instrument will be an important step in strengthening international financial cooperation.

Mohammad Reza Farzin stressed that the use of an offshore rial for settlements with Russia was made possible thanks to the active work of Iranian banks and technology companies. The Central Bank of Iran seeks to develop electronic banking, which will allow for more efficient and transparent financial transactions between the two countries.

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According to TASS, from June 23, 2024, another important financial instrument has been put into circulation in Iran - a digital rial, which at the first stage will be used in the free trade zone on Kish Island. The project involves two Iranian banks - Mellat and Tejarat, which demonstrates the country's commitment to innovation in the financial sphere.

Deputy Chairman of the Central Bank of Iran Mohsen Karimi noted on May 13, 2024 that the issue of using the offshore rial was being worked out with Russia, Afghanistan and Iraq. According to him, with Russia, the project is at the final stage of implementation. Karimi emphasized that the introduction of the offshore rial is aimed at reducing the use of the euro and the dollar in mutual settlements and strengthening the national currency of Iran.

According to TASS, the idea of ​ ​ creating an offshore rial was first announced in December 2023, when the head of the Central Bank of Iran announced plans to use it in trade with neighboring countries. A similar approach has already been successfully used by China since 2010, where the offshore yuan is used for international settlements.^[1]

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