TEHRAN – The Central Bank of Iran (CBI) plans to launch the national cryptocurrency in a pilot phase in the near future, an official with the bank announced without providing further details.

CBI Vice Governor for IT Affairs Mehran Moharamian said the bank sees cryptocurrencies as a solution for resolving inconsistencies and decentralizing resources, something that many countries have started to benefit from recently.

In 2018, Informatics Services Corporation, the executive arm of the Central Bank of Iran in charge of operating the country's banking automation and payment services network, was tasked with developing a national cryptocurrency. The company’s officials later said the Iranian cryptocurrency has been designed using the Hyperledger Fabric platform.

It is a blockchain framework implementation and one of the Hyperledger Company's projects hosted by Linux Foundation.

EF/MA