Iran to Launch Digital Rial Pilot on Kish Island

The Central Bank of Iran (CBI) has announced the initiation of a pilot scheme to introduce the country’s central bank digital currency ( CBDC) on the southern island of Kish. The CBI stated on Tuesday that the digital rial will be available to banking customers and tourists in Kish starting on the first day of the calendar month of Tir (June 21). This launch expands a pilot program that began in May 2023 and involves collaboration with Iran’s Tejarat and Mellat banks. The digital rial will be used for retail transactions, including purchasing goods and services. Iran initiated its digital currency program in 2021 after preliminary studies and approval from the country’s High Council of Money and Credit. The CBI emphasized that the digital rial’s launch aims to bolster Iran’s digital economy and strengthen the resilience of its payment infrastructure.