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The Digital Rial has officially entered its operational phase. This paperless currency, an electronic version of banknotes, is now available for use.
The Central Bank of Iran announced that users can perform transactions with the Digital Rial over maximum distances and within minimum time limits. Transactions are capped at 15 million tomans per operation.
Features and Benefits
The Digital Rial retains all the features of physical banknotes but eliminates challenges such as printing, transportation, and physical handling. Its design aims to streamline financial operations and reduce the dependency on traditional cash.
Three years ago, the Central Bank unveiled a draft plan for this initiative. The goals of the Digital Rial include addressing the requirements of the digital economy, enhancing payment systems, reducing reliance on physical currency, and improving financial transparency.
Limitations and Potential Impacts of Digital Rial
The Digital Rial is exclusively designed for domestic transactions. It cannot be used for international exchanges. Officials suggest that this limitation could help mitigate the effects of economic sanctions on Iran.
