IBENA- CBDCs are not as unsupported as cryptocurrencies. Currently, 90 central banks have defined CBDC projects, some of which are in research phase, others have adopted regulations and are ready to provide Digital currencies, some have started initial and pilot submissions, and in a few countries, they are also operational in a few countries, and their people can use Digital currencies throughout the country. This indicates that there is such a trend in the world and in Iran we have started studies in this field from past few years and entered the field of regulation in 2021. Interestingly, Digital Cryptocurrency not only has a technical dimension but also has regulatory, economic, currency, Rial and especially legal dimensions, all of which have been evaluated, and finally, after regular specialized meetings, regulations of CBDCs in Monetary and Credit Council was approved two weeks ago, he reminded.
Since the adoption of regulations, there are changes in regulations to approval time, there is an opportunity to apply technical changes, and participating banks will apply the changes and we hope that during a few months, we will operate and supply CBDCs and make it available to public, regarding implementation of CBDCs, Mahramian said. RamzRials, like banknotes, are for exchanges. In many cases, when people hear CBDCs (cryptocurrency), they feel like cryptocurrencies. It should be noted that RamzRial is a world-wide cryptocurrency not as unsupported as bitcoin and does not require to be mined. Not all cryptocurrencies can be mined, but Bitcoin is the most popular cryptocurrency in the world. Of course issuance of RamzRials, like Rials, is monopolized by central bank. Many people think that RamzRials, like other cryptocurrencies that can be invested, I must emphasize that this is not true because no one invests in money.
In other words, RamzRials such as banknotes are for exchanges, a power of expression and a payment tool. When we talk about RamzRials, there is no intermediary, in other words, it is the same banknote that is exchanged between people without the presence of a third person, the same thing happens here, with the difference that it happens in Digital context and in the moment. He said an example in explaining function of CBDC: Bank card that is available and is not itself money, and in fact is our accessing money in electronic accounts. Whatever happens to the bank, the individual's money is deposited in the bank. But the bank is removed RamzRials inside our phone, as a third party and intermediary that allows the transfer of money, and money and banknotes that we have in our pockets are transferred electronically.
Citizens are free to save their money and income in various forms, and people generally prefer to use a combination of different forms of assets (banknotes, gold, bank accounts, etc.), Mahramian said. RamzRials actually adds a new option to the possibilities of citizens to save assets and people can save a part of their money as cryptocurrency and any person can go to the bank and receive RamzRials in their e-wallet. Also, the amount of RamzRials in the wallet will vary depending on the type of wallet (business or personal wallet).
Regarding the monitoring related to RamzRials, Vice Governor (IT Technology) of Central Bank stated: Monitoring and tracking funds regarding cryptocurrencies, especially CBDCs, has been carefully considered. In fact, the design is such that the funds can be followed accurately, and even if RamzRial information is stolen and the smartphone is hacked by thieves and hackers, it is possible to follow, and as a result, highest level of security can be provided for RamzRials compared to banknotes and even transfer of electronic funds was conceivable.
The purpose of designing RamzRial in Central Bank is to turn banknotes into programmable existence, and we use the term `open money`. In this process, money will have an intelligent existence. For example, when a person receives a facility in the form of RamzRial, it allows the bank and the lender to invest the desired amount exactly where it is targeted. However, in banknotes and other methods of transferring funds, this intelligent following is not possible for lender and policymaker. In other words, CBDCs will create an innovative atmosphere in monetary area, and world's central banks are moving towards using its capacities; In the end, Mahramian emphasized.
