TEHRAN, Iran, June 9. The Central Bank of Iran is preparing to start using its own 'central bank digital currency (CBDC), Vice Governor of the Central Bank of Iran for IT Affairs Mehran Moharamian told Trend.
"This is not new, the concept has been in the works for years," he said. "This is being done for better inter-bank operations."
He pointed out that thanks to the Bank for International Settlement (BIS), the Central Bank of Iran has the authority to exclusively issue this type of currency which could be differentiated from other tokens.
He went on to add that one of the major reasons for using cryptocurrency for the Central Bank is to access smart contracts.
He stressed that it is inevitable that central banks should develop smart contracts to provide a proper response to users' needs, otherwise global cryptocurrencies would eventually lead banks to lose their monetary sovereignty.
