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Iran Chooses to Use Digital Rial Over Crypto

The Iranian state has emphasized that it prefers to use digital rials rather than cryptocurrencies. He also emphasized that all transactions using crypto would not be recognized by the country.

yep, Cryptocurrency is indeed a new trend that is loved by everyone from all over the world. In fact, several countries have legalized this digital currency to be used in buying and selling transactions, for example the US, Canada, Australia, the European Union, and many others.

However, of course there are also countries that refuse to make crypto as one of the official currencies for conducting transactions, one of which is Iran. The Middle Eastern country located in Southwest Asia also prefers to use Rial which is digital, rather than having to use crypto.

Iran Denies Crypto Existence and Immediately Introduces Digital Rial

Not long ago, Iran’s Deputy Communications Minister, Reza Bagheri Asl emphasized to his citizens that the government would not legalize cryptocurrencies as a legal medium of exchange. The government also does not have official regulations regarding the existence of crypto in the country.

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“We do not recognize payments in cryptocurrencies,” said Reza Bagheri Asl, quoted from VOI (13/4).

“So, we will absolutely not have a regulation that recognizes payments with cryptocurrencies that are not ours,” he explained.

To replace the existence of cryptocurrencies, Iran has prepared digital Rial so that its citizens do not need to use cryptocurrency who are not from their own country.

Iranian Rial Digital
Photo: Bitcoinist

“Iran has cryptocurrency its own national territory, so no payments will be made with cryptocurrency non-national,” said Bagheri.

Furthermore, Reza Bagheri Asl said that all use of digital Rial in his country will be regulated by the laws that have been prepared by the relevant government, to avoid things that are not desirable.

Cryptocurrency must be regulated and the banking system must be considered,” he continued.

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There is no further news when the digital Rial will be launched, because this currency is still in the development stage and the relevant government is also drafting regulations that will be embedded in every use of the digital Rial in Iran.