Spokesperson of the 90th Principle Commission of the Parliament: The digital Rial project has no legal authority

Ali Khezrian, the spokesperson of the 90th Parliament Commission, recently said that the Central Bank did not allow the use of non-physical financial instruments, and therefore the Digital Rial project, Iran’s national digital currency, has no legal basis.

Khazarian in an interview with the reporter of the news agency StatehouseIn describing the meeting of this commission on the subject of examining the working of the central bank and the legal validity of this group in the implementation of the Rial digital project, he said:

According to the monetary and banking law, the central bank is not allowed to use non-physical financial instruments, and they can only issue physical forms of all kinds of banknotes and coins by considering the economic interests and the necessary support.

He added:

Regardless of whether entering into the issue of digital rial is a necessity for the country’s economy from an economic point of view and taking into account the existing threats, it is necessary for the legislator, i.e. the Islamic Council, to express an opinion in the framework of the plan or bill. In the existing monetary and banking law, no such permission has been given to the central bank to enter into the issue of digital rial or to issue non-physical money in any way. Therefore, the 90th principle commission emphasized that it is necessary for the central bank to stop the existing process in the field of digital rial and provide legal documents in this field.