The Central Bank of Iran is planning to launch its digital currency, the Digital Rial, as revealed by Mohammad Reza Farzin, Governor of the Central Bank of Iran, during the 11th Annual Conference on Modern Banking and Payment Systems.
Conference Overview and Plans
Mohammad Reza Farzin emphasized the importance of the conference as a platform for evaluating strategies and setting the future direction of Iran's banking system. He noted that insights from the event would be integrated into policymaking. The Central Bank confirmed that the Digital Rial would soon become part of the modernized banking system.
Modernization and International Challenges
Farzin discussed the strengths and weaknesses of Iran's banking system, noting the outstanding efficiency of the Shetab payment network. Despite sanctions, Iran has successfully advanced alternative financial solutions, such as the 'ACU-MIR' system, providing an alternative to SWIFT for transactions with countries like India and Pakistan.
Regional Integration and Prospects
Farzin detailed plans for expanding ties with international partners, including payment system integration. Recently, the Shetab network linked with Russia's MIR system, and several banks have begun utilizing it. The bank's plans include enabling Russian tourists to use point-of-sale systems in Iran this winter and similar services for Iranian tourists in Russia by early 2025.
The Central Bank of Iran continues to adapt to modern challenges by implementing digital technologies and strengthening international ties. The launch of the Digital Rial will be a significant step in this direction.
