Odaily News Iran will launch a central bank digital currency (CBDC) in the near future, Mohammad Reza Farzin, governor of the Central Bank of Iran (CBI), said at a national banking conference on Nov. 25, calling attention to the country’s well-developed digital financial infrastructure and promising to continue innovating in the face of sanctions. Farzin reportedly said the launch of a CBDC is part of a larger effort to maintain modern banking practices: “Developing innovative banking systems is the responsibility of central banks around the world, and we are determined to fulfill this responsibility in Iran.” The digital rial has been in development since 2018, using open-source Hyperledger Fabric technology. By mid-2023, it had completed a “pre-pilot” research phase with the participation of Iran’s largest banks. The CBI launched a retail CBDC pilot project on Kish Island in June. So far, the digital rial appears to be unintermediated and focused on domestic use. (Cointelegraph)