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In this article, we talk about the concept of digital Rial. We want to know if digital rial is a new digital currency? Is investing in digital rial a logical and forward thinking idea? When can digital Rial be bought and sold publicly? And several other questions that we will address in this article.
There are many ambiguities regarding the understanding of digital Rial. As journalists, we try to define the digital rial from the language of officials and the central bank, and finally from the language of the author.
Central banks develop digital money with various goals, among which are things like responding to the need for future payments in the digital economy, improving the efficiency of new payment tools, increasing the accessibility of central bank money, managing the effects of reducing the use of banknotes in society. He mentioned the development of international payment instruments with other countries, the development of resilience of payment instruments, the achievement of specific goals in the field of monetary policy, and in some cases the management of risks caused by the spread of private money. In the first step, the Central Bank of the Islamic Republic of Iran is developing the digital rial with the aim of creating a platform for the development of the digital economy in the country and responding to the requirements related to the field of payment in the digital economy.
Digital rial is a form of money circulation that could help economic transparency and show the amount of rial in circulation. It could also revolutionize payment systems and provide users with a P2P payment system. It could also revolutionize lending and money planning.
Kamiar Sharfi, member of the board of directors of the Blockchain and Cryptocurrency Association of Iran:
Digital Rial has nothing to do with blockchain technology and is just a version of digital money that has used some of the features of blockchain. According to Kamiar Sharfi, Rial is only a new tool and form of money, so it cannot bring about a specific change in the country’s economic system.
But in my opinion, digital rial is a digital banknote that can be controlled! A project that almost carries the name of blockchain. Bitcoin and the first cryptocurrencies were always created with the goal of decentralization and decentralization of financial accounts. Something that completely contradicts the digital Rial system. So here we are with a traditional financial system that is controllable and digitized in today’s modern shell. This project can even harm exchanges and cryptocurrencies in the hands of people and impose new restrictions on exchanges. Of course, there are still many uncertainties in this regard after several years.
No, “Ryal digital currency” and “native currency” or “Ryal code” which was proposed several years ago, refers to a new currency whose price is not necessarily the same as the Rial banknote! But today we have the concept of digital rial, which is a kind of digital currency of the central bank, and its price is equivalent to rial banknotes. This digital banknote was created by the central bank and will be managed by the central bank.
This form of money has no independent value and its value is not determined by the market. Also, the digital rial is not the same as Bitcoin or any other decentralized cryptocurrency that is managed by an autonomous and independent community.
The name of the currency is digital Rial Bitcoin Tether
Its CBDC money type is stablecoin stablecoin
The price can be controlled by the central bank
Used in daily payments Yes No Yes
Tokenization and public offering will be done
Digital riyal is practically the same riyal banknote and asset that we deal with today. Only in tokenized and digital form. But digital rial can be exchanged more easily than paper money. On the other hand, the risk of paper banknote theft is higher than digital rial. Digital Rial will probably be available in special exchanges and can be bought and sold, and the property of an authenticated person will not be transferred to another person without the permission of the owner. But if this work is not done correctly, it can lead to the simplification of money laundering.
It is also possible that countries that have good diplomatic relations with Iran may accept the support of digital rial, which will eventually lead to the exchange of assets of Iranian users and businessmen with other countries. Of course, stable currencies are always a priority for traders, but they may give special facilities to digital Rial users.
The main problem of the digital rial is that this technology is new and dumb. In order to discover all the capabilities and problems of this money, it must be tested in a preliminary manner in a small number, and if the problems are solved, it should be offered publicly and widely.
Also, using the blockchain network will have various risks, including hacking and intrusion and the possibility of exposing users’ assets.
Considering that we said that the digital Rial is not a new currency with a different price from the real Rial, then its price is not determined by the supply and demand of the market and depends more than anything on the governance and government policies. Sanctions and the state of international relations with other countries will have a direct impact on the value of Rial and Digital Rial.
Therefore, if the value of the Rial increases in the future, the price of the digital Rial will also increase.
According to IRNA, “Mehran Moharmian” in the press conference of the 9th annual conference of electronic banking and payment systems in response to the reporter of IRNA regarding the end of Rial Digit.
Al stated: “Digital Rial” has been operational since September and various security and technical measures are being taken between the banking network so that we do not witness any problems.
new people are gradually added to it, and we are not in a hurry in this regard, and in the whole world, measures are being taken more slowly in this regard. According to this banking official, the transaction is carried out with the digital Rial. and its number was limited.
Finally, we would like to know your opinion, dear users of Mihan Signal, regarding the digital Rial. Do you think digital rial is a good investment opportunity?
