Iran to launch Crypto Rial, after replacing SWIFT and bolstering ties with BRICS

Mohammad Reza Farzin, the Central Bank of Iran governor, disclosed upcoming plans for the launch of the Digital Rial during the “11th Annual Conference on Modern Banking and Payment Systems”, where he made a number of statements:

▪️”Iran’s Shetab payment network, with transactions processed in under two seconds, is among the most efficient in the region”, and assuring the imminent operationalization of the Digital Rial, stressing the Central Bank’s commitment to advancing modern banking practices:

▪️”Developing innovative banking systems is a central bank’s responsibility worldwide, and we are determined to fulfill this duty in Iran”

◼️”Sanctions remain a significant hurdle, but we’ve made notable strides in recent years”, referring to the ACU-MIR system, which became fully operational on October 2 and has bolstered Iran’s ability to manage sanctions effectively. This platform, designed for Asian financial cooperation, has been positioned as an alternative to SWIFT, enabling transactions with countries such as India and Pakistan:

▪️”We’ve replaced SWIFT with this platform and strengthened our ties with BRICS, which is shaping global trade with a strategic plan through 2025″

▪️”China and Russia are already advancing in this direction, and we aim to settle transactions using BRICS currencies,” adding that a cross-border financial settlement platform is currently in its early stages, which could further facilitate international financial exchanges

▪️”Recently, Shetab connected with Russia’s MIR, and several banks are now operational on the system”, meaning that coupled with the BRICS policy, the two countries have now completely excluded the US Dollar