Iran Disconnected From SWIFT, to Launch State Backed Crypto Rial19.38

Global provider of secure financial messaging services, SWIFT, has ousted the Central Bank of Iran (CBI) from its financial banking system. The US-led sanctions will make it difficult for Iran to settle its international deals. In response, the authorities in Iran have accelerated the development of their state-backed national digital currency.

According to a local media source, Informatics Services Corporation (ISC), a private tech wing of the CBI, confirmed that they had developed the said crypto-rial. The company’s CEO Seyyed Abotaleb Najafi claimed that their digital currency would eliminate the role of international financial settlement groups like SWIFT. It will be used in a distributed or one-to-one framework for transferring value without intermediaries.

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