Iran’s Central Bank is preparing to launch its own central bank digital currency (CBDC), called the Digital Rial, to modernize its banking infrastructure and enhance financial operations, according to local media reports.
On Nov. 25, Governor Mohammad Reza Farzin of the Central Bank revealed these plans at the 11th Annual Conference on Modern Banking and Payment Systems.
Modernized banking vision
The Digital Rial is set to leverage Iran’s advanced digital banking infrastructure, particularly the Shetab payment network, which processes transactions in under two seconds.
It is intended to increase the efficiency of transactions both within and outside Iran, while reducing costs and operational delays. It represents a key component of Iran’s broader push to digitize its financial systems, ensuring compatibility with the evolving global financial ecosystem.
Farzin described Digital Rial, as a crucial step towards positioning Iran to be a leader within modern banking in the region. The currency’s introduction is part of a broader effort to integrate Iran’s financial systems with international networks while strengthening its resilience against external pressures.
“He said”
“Our vision is to adapt, innovate, and collaborate globally, ensuring Iran’s banking system remains at the forefront of digital advancements.”
The initiative also signals a commitment to bolstering the country’s economic resilience. With sanctions restricting access to conventional international banking platforms, such as SWIFT, the Digital Rial is seen as a strategic tool for securing financial autonomy while promoting innovation within Iran’s financial sector.
Integration of regional and international cooperation
Farzin also highlighted the fact that the Central Bank of Iran has adopted alternative solutions to counter the effects of sanctions, including the ACUMIR platform. Since October this system, which bypasses SWIFT and allows for transactions with India, Pakistan, and other key trading partners, has enabled regional trade.
This effort is part of a larger strategy of deepening financial ties to BRICS countries, who are increasing the use of their local currencies in order to decrease dependence on global financial networks.
Iran has also advanced regional connectivity by linking its Shetab network with Russia’s MIR payment system. This collaboration allows cross-border transactions and supports tourism, with Russian tourists expected to use Iran’s point-of-sale systems this winter. Iranian travellers will be able to access similar services in Russia before the beginning of 2025.
The rollout of the Digital Rial represents a pivotal moment for Iran’s banking sector. It highlights the nation’s efforts to foster innovation, strengthen economic resilience, and enhance its role in the regional and global financial landscape.
Iran aims to adapt its banking system to global changes by prioritizing the use of digital currencies and other alternative systems.
Postings in: Iran, Russia. Adoption. CBDCs. Featured. Politics. Regulation. Technology. The Author 
Assad Jafri
AJ is a dedicated journalist who has spent over a decade honing his craft in various countries. He specializes in financial reporting and now concentrates on cryptocurrency.
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