Which one is correct? Digital rial or code of rial
Rial code or digital Rial is a type of electronic cash that has been proposed as an electronic version of common banknotes in Iran, and in terms of value, it is connected to the existing traditional paper Rial.
It was in March of last year that Mohammad Reza Farzin, the head of the central bank, said: “The digital rial is also in the experimental stage and the development of this issue will be gradual.” Now, after 8 months, Mohammadreza Mani Yekta, director of Central Bank’s payment system department, says: Digital rial is rial itself, which means it has exactly the essence of rial.
He explains: Digital Rial is a sovereign and national project, in other words, a new payment tool that the Central Bank is developing. This project has not been stopped, we were just making additional arrangements regarding its legal permits, which the new law of the Central Bank, which is almost finalized, and It is about to be announced that the central bank has also been legally allowed to issue the digital Rial.
Mani Yekta adds: Now the Digital Rial project has reached a favorable position from a technical point of view, and we will have good news soon, and the banks are completing the technical measures. Currently, 7 other banks are about to finish the measures. had been
Digital rial or crypto rial?
With this explanation of the central bank, the digital rial should not be considered as a national currency, because the nature of cryptocurrencies is that they are not supported by central banks, but according to Money Yekta, the support of the rial code project is the central bank note and the country’s monetary authority, and the digital rial is also It is exactly the same banknote, only instead of its paper being published, it is presented in a completely electronic form.
In response to the question of what is the target time for the public implementation of this project, he stated: One part of wanting to use a payment tool in general is the formation of an ecosystem for acceptance. It is the business environment and the banks themselves. Accordingly, if it does not reach full consistency, a specific time cannot be set for it.
Rial code or digital Rial is a type of electronic cash that has been proposed as an electronic version of common banknotes in Iran, and in terms of value, it is connected to the existing traditional paper Rial.
The purpose of creating and offering Rial code is not to replace it with Bitcoin and other cryptocurrencies. Bitcoin is a decentralized digital currency based on the blockchain network that is not controlled by any institution or government. But the Rial code is a supplement to national currencies in the ease of financial transactions of a country, which is provided by the central bank and its supply is controlled.