The latest details and specifications of an Iranian national cryptocurrency based on the rial and blockchain have been reported by IBENA (affiliated to the Central Bank of Iran). The attributes are as follows;
- It is rial-backed and has been designed and developed by Informatics Services Corporations based on Hyper-ledger Fabric Platform technology.
- The issuer is the Central bank of Iran and the volume of issuance depends on the bank’s decision.
- Iranian cryptocurrency has been developed under private blockchain infrastructure and it cannot be mined.
- The infrastructure is supposed to be as an ecosystem available for Iranian banks and active companies in cryptocurrencies area after being tested and reviewed.
- Other functions of this blockchain infrastructure include phase one as a token and interbank payment instrument and phase two as an instrument for retail payments in a society.