Iran intends to launch a pilot version of the cryptocurrency rial in the next two months

The Iranian government is preparing for the debut of Iran's new digital currency, the cryptocurrency rial. The Islamic Republic's monetary agency intends to start the pilot phase of the project in the next two months.

According to the Central Bank, the crypto rial will be distinct from cryptocurrency.

Iranian authorities are taking the necessary measures to establish a pilot program of cryptocurrency in the month of Shahrivar, which began on August 23. Persian calendar. Ali Salehabadi, governor of the Central Bank of Iran (CBI), told reporters on Friday.

The top executive stressed that Iran's digital currency will be different from globally decentralized cryptocurrencies. Its sole purpose is to "replace the paper money that the people currently have," he explained.

Salehabadi further said that the pilot project will initially cover only a portion of the country. The cryptocurrency, which has been in development for some time, will eventually be deployed to other parts of the Islamic Republic at an undefined later stage.